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Call your Congressman and Senators

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by jonriv » Thu Apr 16, 2020 3:43 pm

As many of you know, I work in the Financial Services. Over the past few weeks, the small Community Bank I work for in Connecticut has been feverishly working to process the SBA Payroll Protection Program Loans. This program was rushed, little and quickly changing guidance through a circa 1978 computer system. Having said all of this, this program was a vital lifeline for many of our small businesses to keep their employees paid. We managed to get approved and paid 70 customers with $ 15 million in loans. Unfortunately 15 customers had their loan applications(that were already approved) were spit out of the system because the funding ran out(have another 35 applications waiting). To put this in prospective- these loans were greater than the number our bank usually does in a year and represents almost 10% of our little banks assets. The democrats blocked additional funding last week over PORK!! Please, this is no time for politics. I had to call several customers today to say that the funding was gone. It was heartbreaking. Congress needs to get off their asses, stop the bickering and get this done!
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by SDTitans » Thu Apr 16, 2020 6:57 pm

jonrvi - I was listening to Mark Cuban about this SBA loan plan.. He suggested that instead of loans do over draft protection for the small businesses, which would guarantee that no checks bounced during these times. He went into a little more detail and it seem like a great idea. Could banks just do that on their own?
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by NumeroUno » Thu Apr 16, 2020 9:12 pm

I have a few businesses. I applied for one at SBA. Gov n the PPP for my employees 2 weeks ago.
I was notified today I’m not getting help from either. Not surprised though
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by jonriv » Thu Apr 16, 2020 11:35 pm

SDTitans wrote:jonrvi - I was listening to Mark Cuban about this SBA loan plan.. He suggested that instead of loans do over draft protection for the small businesses, which would guarantee that no checks bounced during these times. He went into a little more detail and it seem like a great idea. Could banks just do that on their own?


This is actually how banks in England do regular loans. Everyone has kind of an understood amount-all very British. We are doing a lot of things(as much as a small bank can). The key to the SBA program is if the funds were used for payroll and maintained employment the loan would be forgiven
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by jonriv » Thu Apr 16, 2020 11:49 pm

NumeroUno wrote:I have a few businesses. I applied for one at SBA. Gov n the PPP for my employees 2 weeks ago.
I was notified today I’m not getting help from either. Not surprised though


Numero keep in touch with your bank and make sure your application is in good shape and accurate. We are confident the money will be allocated- just hope it is not too late.

With all its warts, it is a good program. Just the system was not built to handle the volume ( like too many toilets flushing at once)

We have 14 ready to go once the spigot is turned back on. The next few days I’m trying to make sure another 20 or so are too

I went from Wednesday like I was making a positive impact on people’s lives as a Banker than I ever had to Yesterday just feeling terrible. I want to help people and this is a time when simplicity and speed are far more important than politics and ideology.

I have seen the banks quickly set up Up programs, forbearance for their customers. We put a group together to try to process this deluge of application volume. I see business owners trying to protect their people both physically and financially as well as trying to make sure the business will still be their when the whole thing is over
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by jonriv » Thu Apr 16, 2020 11:57 pm

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by NumeroUno » Fri Apr 17, 2020 10:37 am

jonriv wrote:
NumeroUno wrote:I have a few businesses. I applied for one at SBA. Gov n the PPP for my employees 2 weeks ago.
I was notified today I’m not getting help from either. Not surprised though


Numero keep in touch with your bank and make sure your application is in good shape and accurate. We are confident the money will be allocated- just hope it is not too late.

With all its warts, it is a good program. Just the system was not built to handle the volume ( like too many toilets flushing at once)

We have 14 ready to go once the spigot is turned back on. The next few days I’m trying to make

sure another 20 or so are too


I went from Wednesday like I was making a positive impact on people’s lives as a Banker than I ever had to Yesterday just feeling terrible. I want to help people and this is a time when simplicity and speed are far more important than politics and ideology.

I have seen the banks quickly set up Up programs, forbearance for their customers. We put a group together to try to process this deluge of application volume. I see business owners trying to protect their people both physically and financially as well as trying to make sure the business will still be their when the whole thing is over



I sent what u posted to my crazy book keeper. This is her response.

Cookie,
They only put stops because Trump and his Reps keep trying to payoff the big cronies ... I got word that they paid off big hedge funds and big dollar financial services, which is why you may be out?
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by jonriv » Fri Apr 17, 2020 1:37 pm

All our 67 loans were small businesses. There were also limits on salary levels < $100 and number of employees. Word we got was next Wednesday for additional funding
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by NumeroUno » Fri Apr 17, 2020 2:14 pm

jonriv wrote:All our 67 loans were small businesses. There were also limits on salary levels < $100 and number of employees. Word we got was next Wednesday for additional funding


Thanks for your info n advice.
If you already put an application in do you need to
Send another one in ?
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by jonriv » Fri Apr 17, 2020 2:17 pm

NumeroUno wrote:
jonriv wrote:All our 67 loans were small businesses. There were also limits on salary levels < $100 and number of employees. Word we got was next Wednesday for additional funding


Thanks for your info n advice.
If you already put an application in do you need to
Send another one in ?



Check with your bank- with us you don't because we have all the info and in many cases we already have an application number. I spent my day giving people the bad news, but also trying to tighten up our current applications so they will be good to go.
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