Local Bank where we have been banking for like 50 years.

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Apr 5, 2020
12:02:51pm

Acorn Truly Addicted User

Local Bank where we have been banking for like 50 years.

I have only been with the company for 3 years, but I meet with them at least once a quarter just to touch base. We squeeze them a lot for our business. I also regularly talk to other banks and network. This was too important - if my bank couldn't deliver quickly my board would insist we go elsewhere.

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Acorn

Bio page: Acorn
Joined: Nov 25, 2004
Last login: May 6, 2024
Total posts: 18,705 (2,189 FO)

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Messages

Author

Time

Just got funded for our SBA PPP. $5,378,800. It pays to nurture bank

Acorn

4/5/20 9:37am

The first $350 billion is going to go so fast. May already be gone.

RdF3

4/5/20 9:40am

Of which real small companies (sub 20 employees) will receive none.

Heath Squashwell

4/5/20 9:41am

US Bank is processing single-owner businesses first

4/5/20 9:55am

They will increase funding

Acorn

4/5/20 10:16am

So is the stipulation simply that you can’t lay people off?

macdizzle

4/5/20 9:41am

And use at least 75% of it for payroll.

RdF3

4/5/20 9:42am

I don’t think that is the stipulation. You just have to rehire or employee

kotacoug

4/5/20 9:59am

No. It is a loan. You get 2.5 months of payroll except for anything

Acorn

4/5/20 11:20am

Holy wowza. Congrats to you, that’s awesome. Have you laid off people that

BYUfan92

4/5/20 9:42am

So acorn, is this for clients you advise as an accountant or is this for your

kolob32

4/5/20 9:44am

Iirc he works as the CFO for a decent size business.

RexIdaCoug

4/5/20 9:51am

Yes. Where I work.

Acorn

4/5/20 10:17am

What bank do you use? I though my company was toward the front of the line.

Cougfourlife

4/5/20 9:46am

The SBA has been changing things almost daily. We took the chance on Wednesday

Acorn

4/5/20 11:53am

I’m so confused. You have to go through a bank for the PPP.

Cougfourlife

4/5/20 11:58am

Yes. The Banks underwrite and fund the loan. The Government guarantees it

Acorn

4/5/20 11:59am

Got it. You were advanced funds from the bank before approval by the SBA. Makes

Cougfourlife

4/5/20 12:02pm

No funds yet. Don't know when we will get the funds. We bank received

Acorn

4/5/20 12:40pm

Oh, I guess your OP confused me.

Cougfourlife

4/5/20 12:44pm

Your original post said you got funded. So really yiur bank

kotacoug

4/5/20 12:48pm

Can you share the bank you used?

kolob32

4/5/20 9:55am

Local Bank where we have been banking for like 50 years.

Acorn

4/5/20 12:02pm

Reading this makes me happy for you but sick to my stomach at the same time.

4/5/20 9:55am

Agreed. I also find interesting that it is forgivable, yet a biz doesn’t have to

BYUfan92

4/5/20 10:01am

That’s what I’m not too happy about. Companies using it as a 1% loan

kotacoug

4/5/20 10:05am

And ironically they all seem to be the ones getting it first.

ordinary tri guy

4/5/20 10:15am

It is really about bank relationships

Acorn

4/5/20 10:27am

We do have a relationship with a community bank and they were helpful but said

ordinary tri guy

4/5/20 10:49am

That's because they can process existing accounts faster. At least that's what

Kerbouchard

4/5/20 11:15am

Not our case. I doubt even

Acorn

4/5/20 10:21am

That’s how I’m feeling.

Heath Squashwell

4/5/20 10:04am

This is a great learning example both for business

Acorn

4/5/20 10:30am

Yeah, people told me to get a LOC even if i didn’t need it

Heath Squashwell

4/5/20 10:45am

It is a good reminder for me. My personal LOC expired last summer.

Acorn

4/5/20 12:46pm

I was told banks were given allotments based on historical SBA loans

ordinary tri guy

4/5/20 9:56am

I agree. The country is spending money like a drunk sailor.

Acorn

4/5/20 10:31am

I was worried we couldn’t get the response we wanted.

Acorn

4/5/20 10:39am

Your victory lap is awesome and all but why not share which bank you used? Not

kolob32

4/5/20 9:58am

Your current bank is the best bank

Acorn

4/5/20 10:37am

Thanks for your reply, not trying call you out, just been stressful over the

kolob32

4/5/20 10:46am

I get the stress. I have hardly been sleeping.

Acorn

4/5/20 11:00am

I disagree. Not everyone is going to get funded. 1) Not enough $, and Congress

SafetyFirst

4/5/20 11:22am

We agree to disagree. They will be processing these things for a while and

Acorn

4/5/20 11:58am

RE: We agree to disagree. They will be processing these things for a while and

SafetyFirst

4/5/20 12:37pm

Who said we are going to call your bank? Mine require a relationship prior to

Cougfourlife

4/5/20 12:01pm

Meanwhile I’m still waiting on the EIDL loan I did mid week

1984coug

4/5/20 10:11am

Same

kotacoug

4/5/20 10:13am

I’m waiting in the application I submitted 2 weeks ago.

Cougfourlife

4/5/20 12:03pm

Tone-deaf post. This is a zero sum process. For all of the money that you got,

SafetyFirst

4/5/20 11:16am

Yours is an uninformed post. It doesn't mean anything that you think

Acorn

4/5/20 11:22am

If you don’t think there are limited funds, my guess is that you are the

Cougfourlife

4/5/20 12:05pm

Sorry man. People are coming at you hard. We are all stressed.

Cougfourlife

4/5/20 12:21pm

Too late. They just printed $2 trillion

Acorn

4/5/20 12:45pm

In defense of defeceit spending, john maynard Keynes said "in the long run we

kolob32

4/5/20 12:56pm

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