Here's what I have figured out while trying to process our PPP:
--Federal (i.e. Presidential) intentions are good
--SBA is not really adding any value except they had the existing "funnel"
--Local banks, who are actually distributing funds, are screwed because they have millions of customers applying for these loans and have to front the money before reimbursement by the Federal govt. One banker I know said they committed to lending $10,000,000 and had applications for $16,000,000 in the first hour.
--POTUS has promised more money for this program if they run out
So...the banks are:
Only giving loans to their customers...must have an pre-existing account for processing.
Moving very slowly and are majorly overwhelmed.
Generally, really pissing off their customers who have held business accounts with them.
Here's what I have figured out while trying to process our PPP:
--Federal (i.e. Presidential) intentions are good
--SBA is not really adding any value except they had the existing "funnel"
--Local banks, who are actually distributing funds, are screwed because they have millions of customers applying for these loans and have to front the money before reimbursement by the Federal govt. One banker I know said they committed to lending $10,000,000 and had applications for $16,000,000 in the first hour.
--POTUS has promised more money for this program if they run out
So...the banks are:
Only giving loans to their customers...must have an pre-existing account for processing.
Moving very slowly and are majorly overwhelmed.
Generally, really pissing off their customers who have held business accounts with them.