Here's why you're stalled and everyone else

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Apr 3, 2020
10:05:40am

RockyBalboa All-American

Here's why you're stalled and everyone else

No Small-Business Relief Yet: False Start On Paycheck Protection Program Loans

Since the CARES Act was passed, government agencies and banks have been scrambling to figure out how all of these disaster-package pieces fit together. Paycheck Protection Program Loans were supposed to roll out today, giving small businesses support. Turns out, we will have to wait a bit longer.

https://www.forbes.com/sites/brianthompson1/2020/04/03/no-small-business-relief-yet-false-start-on-paycheck-protection-program-loans/#526ff01034c4

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RockyBalboa

Previous username: MesaCougar
Bio page: RockyBalboa
Joined: Apr 24, 2002
Last login: May 17, 2024
Total posts: 48,433 (1,437 FO)

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Messages

Author

Time

B of A started accepting PPP apps at 9 Am ET today. Everybody else - stalled?

BYUfan92

4/3/20 9:46am

Since independent contractors can't apply until next week at the earliest...it seems that if this program runs out of

HarlemCoug

4/3/20 9:49am

I've read the same - its an election year, the pressure will be huge to keep

BYUfan92

4/3/20 9:51am

this program is going to run out of money quickly. Any small business would be

4/3/20 9:51am

Secretary Mnuchin specifically said yesterday they would work on adding more

BYUCLA

4/3/20 9:56am

You must have BofA business checking account AND business credit card account

Doogal McCougar

4/3/20 9:51am

Not exactly

TheLoanArranger

4/3/20 10:02am

I have a $500000 practice loan and do my day to day business checking with BofA

AFCougK9

4/3/20 10:16am

Who is your relationship manager?

TheLoanArranger

4/3/20 10:32am

I don't really interact with any single person. The name and number I was given

AFCougK9

4/3/20 11:00am

Are you considered a self-employed person?

jkccoug

4/3/20 10:47am

Nope, I'm an S-corp

AFCougK9

4/3/20 11:01am

nope. you have to have an existing loan with SBA to apply

run26

4/3/20 10:16am

Not true

TheLoanArranger

4/3/20 10:31am

it's half true

run26

4/3/20 1:18pm

Lendio's PPP application is now live

rommeliv

4/3/20 9:54am

So is everybody going to run to them, or wait for our bank? (chase in my case)

BYUfan92

4/3/20 9:58am

I believe lendio will just distribute the applications to banks

Heath Squashwell

4/3/20 10:01am

Chase was supposed to be live at 12 ET.

BGRTHNUMEGO

4/3/20 10:05am

Here's why you're stalled and everyone else

RockyBalboa

4/3/20 10:05am

Zions is supposed to open it later today.

jkccoug

4/3/20 10:06am

Mnuchin just said nearly a (edit) Billion of PPP loan apps already processed. This might end up costing them more than

HarlemCoug

4/3/20 10:30am

He actually said almost $1 billion, not trillion

BYUCLA

4/3/20 10:40am

PPP apps haven't been processed yet. Apps might have been filled out

RockyBalboa

4/3/20 10:41am

Secretary Mnuchin himself just said nearly a billion has been processed already

BYUCLA

4/3/20 10:50am

They can't process an app when funds aren't released. They aren't released.

RockyBalboa

4/3/20 10:59am

The tweet I saw was $875 million an hour ago

TheLoanArranger

4/3/20 10:44am

There's only $349B available.

jkccoug

4/3/20 10:47am

Chase is ready as of 30 minutes ago and site is live chase.com/cares

4/3/20 11:48am

Hearing US Bank is going live later today

4/3/20 11:54am

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