I should clarify that BofA is calling this a “reservation” not an application

Apr 4, 2020
4:37:45pm

NOCAL_YFAN All-American

The reservation puts you in a queue and an “intake team” reaches out to you to complete the application and do the verification.

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NOCAL_YFAN

Bio page: NOCAL_YFAN
Joined: Jul 11, 2001
Last login: May 18, 2024
Total posts: 18,433 (10 FO)

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Messages

Author

Time

Can anyone offer some insight into SBA PPP program?

kolob32

4/4/20 4:30pm

My bank required a short digital app just to get the ball rolling.

Cougfourlife

4/4/20 4:32pm

Which bank?

kolob32

4/4/20 4:33pm

Chase. They have been surprisingly great.

Cougfourlife

4/4/20 4:36pm

PPP is not administered through SBA, the banks have to provide the form

NOCAL_YFAN

4/4/20 4:35pm

The SBA hard application form is still required.

Cougfourlife

4/4/20 4:37pm

Yes that’s to get the “wet signature” for all you’re certifying

NOCAL_YFAN

4/4/20 4:39pm

Ya. My point is it’s an SBA form. Not a bank application.

Cougfourlife

4/4/20 4:41pm

I should clarify that BofA is calling this a “reservation” not an application

NOCAL_YFAN

4/4/20 4:37pm

Lots of banks are struggling. We contacted 3 banks last week to line them up

Acorn

4/4/20 4:40pm

What calculation are you using to come up with average monthly gross?

Cougfourlife

4/4/20 5:12pm

This is changing daily, but here is what we used:

Acorn

4/4/20 5:59pm

The only risk is paying people to do nothing and the. Not getting

kotacoug

4/4/20 5:41pm

That is independent of the loan. We are going to run our business as we should

Acorn

4/4/20 5:55pm

I guess if you are able to continue to produce that works.

kotacoug

4/4/20 6:09pm

1% financing is essentially risk free

Acorn

4/4/20 6:32pm

Not as easy as just saying close now. The forgiveness part is essentially

kotacoug

4/4/20 6:51pm

Disagree. It’s a loan, not free money.

Acorn

4/4/20 7:09pm

Dang acorn, i though you were just some mom and pop investor type, i didnt

kolob32

4/4/20 9:44pm

Not a titan. Just an accountant.

Acorn

4/4/20 9:52pm

Smaller banks are a little gun shy because the rules got rolled out late and in fragments,

Dynomite

4/4/20 5:02pm

RE: Can anyone offer some insight into SBA PPP program?

5thpriority

4/4/20 5:30pm

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