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Old 04-14-2020, 06:39 AM
 
5,109 posts, read 3,404,798 times
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I just got an email that I need to redo and resubmit my PPP worksheet.
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Old 04-14-2020, 10:56 AM
 
Location: St Louis Metro
152 posts, read 197,878 times
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Quote:
Originally Posted by KaraG View Post
I just got an email that I need to redo and resubmit my PPP worksheet.
I had to resend them my datasheet last night because I failed to mark the type of entity I was at the very top of the page (Sole Proprietor). Another delay . I thought funding would be same day but I have since read on the SBA website they have up to 10 business days to submit funds.
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Old 04-14-2020, 12:28 PM
 
Location: Buckeye, AZ
31,297 posts, read 17,653,904 times
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Quote:
Originally Posted by HudsonCoNJ View Post
As someone who works for a bank offering PPP (not Wells Fargo), this has been a complete schitshow. It was rolled out way too quickly. Way too many glitches in the process and way too many confused business owners seeking out guidance because they are unable to successfully submit application. I feel bad for them.
I know. This is crazy that is some think it is perfect, it is far from it.
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Old 04-15-2020, 12:59 PM
 
Location: Houston
2,464 posts, read 906,627 times
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Quote:
Originally Posted by swagger View Post
Emphasis theirs.

Ten billion spoken for in a single day. Hope you got your request in yesterday, if you bank with Wells Fargo.

https://update.wf.com/coronavirus/pa...ectionprogram/
I contacted a local WellsFargo today and received some bad news. I was told that I HAD to have a Business Account with them by the date of Feb 15, 2020. My account with them for the past 22 years has been a personal account, so they will not do a PPP with me.
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Old 04-16-2020, 02:44 AM
 
23,366 posts, read 16,089,743 times
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Quote:
Originally Posted by Hopeful for Life View Post
I contacted a local WellsFargo today and received some bad news. I was told that I HAD to have a Business Account with them by the date of Feb 15, 2020. My account with them for the past 22 years has been a personal account, so they will not do a PPP with me.
To be fair some of that may stem from Wells Fargo's recent shady past.

quote:

“We are committed to helping as many small businesses as possible given the realities of both this unprecedented situation and the tremendous interest in the PPP,” the spokeswoman said.

To be eligible, customers must have had a Wells Fargo business checking account as of Feb. 15, 2020, be enrolled in business online banking, and meet SBA program requirements.

For more than two years, Wells was barred from growing its assets above $1.95 trillion. The Fed imposed the asset cap on Wells following a string of scandals including revelations that employees had opened millions of customer accounts without authorization.

/quote

https://www.americanbanker.com/news/...mergency-loans


All banks doing PPP loan may also be factoring in fraud risk. Doling out money to someone they don't know from Adam beyond a bunch of paperwork may come back to haunt.


See also:

"The online portal allowing customers to express interest in obtaining a loan with Wells Fargo through the U.S. SBA Paycheck Protection Program (PPP) was reopened. To be eligible, customers must have a Wells Fargo Business checking account as of Feb. 15, 2020, be enrolled in business online banking or have Commercial Electronic Office (CEO) access and meet all U.S. SBA program requirements. Wells Fargo will then provide regular updates and notify them when they can begin an application for a PPP loan. We are committed to helping as many small businesses as possible given the realities of both this unprecedented situation and the tremendous interest in the PPP.”

https://www.nbcdfw.com/news/coronavi...-loan/2350637/
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Old 04-17-2020, 03:45 PM
 
4,557 posts, read 3,405,362 times
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I can actually comment a lot on the PPP loans. I work for a bank that has a little under $1.1 billion in loans and we approved approximately $100 million in PPP loans to our customer base. We are still in the process of funding loans, since you have 2 weeks to disburse funds to customers.

I did the verifying of income and submitting applications to the SBA. I probably submitted close to 200 applications myself. We had to contact customers to resubmit their PPP applications, because we verified that the customer overstated their wages. As a community bank, what we didn't want was a customer to request $250k in PPP funds, but we were only able to verify $100k in funds. Remember, community banks have to be mindful of the fact that a customer doesn't abide by the loan covenants and their PPP loan isn't forgiven. Even though the PPP loan is 100% guaranteed by the SBA, you still rather not have this debt on your books long-term with a request that was far higher than what the bank could verify.

The fear for banks is that customers will not abide by the payroll covenants and the loan won't be forgiven. There's going to be a plethora of small businesses that won't abide by the covenants and banks will be left servicing a loan that couldn't be forgiven. To collect on any government guaranteed loan is typically a drawn out process. Here's to hoping most small businesses abide by the covenants and banks took the time to actually verify their customers PPP request.

We found in our organization that some nursing home entities appeared to have a lot of fluff in their PPP application and we weren't comfortable proceeding with their application. There's obviously going to be fraud, but it's still in any banks best interest to CYA with any and all PPP requests.
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Old 04-17-2020, 06:17 PM
 
5,109 posts, read 3,404,798 times
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Quote:
Originally Posted by weezerfan84 View Post
I can actually comment a lot on the PPP loans. I work for a bank that has a little under $1.1 billion in loans and we approved approximately $100 million in PPP loans to our customer base. We are still in the process of funding loans, since you have 2 weeks to disburse funds to customers.
Thanks for sharing. So is the two week deadline just internal for your bank? Or an SBA rule? If I applied on Monday the 6th then I should get funded on Monday the 20th?
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Old 04-18-2020, 03:02 AM
 
23,366 posts, read 16,089,743 times
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Some people are stuffing themselves!

https://ny.eater.com/2020/4/17/21224...estaurants-nyc
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Old 04-18-2020, 05:44 PM
 
4,557 posts, read 3,405,362 times
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Quote:
Originally Posted by KaraG View Post
Thanks for sharing. So is the two week deadline just internal for your bank? Or an SBA rule? If I applied on Monday the 6th then I should get funded on Monday the 20th?
Guidance issued to us. It’s not our internal rule. It was previously 5 business days, but us, nor our customers, could meet that guideline. So guidance was altered to 10 business days. SBA changed its paperwork for the PPP application too. This has been a very fast journey and no one was prepared to pivot this quickly. All banks have been working break neck ours to help our customers.

This is the first weekend we’ve had off in 3 weeks. We were working around the clock to get our procedures in place to protect us, yet still assist our customer base.
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Old 04-21-2020, 03:33 PM
 
2,605 posts, read 993,343 times
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The Senate just passed a new bill that adds $322B to the PPP and EIDL loan programs. Will any of it make its way to the bank accounts of small businesses?
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