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Old 04-06-2020, 10:03 AM
 
Location: Tyler, TX
16,162 posts, read 19,050,131 times
Reputation: 8641

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Quote:
Originally Posted by Wells Fargo
We announced on April 5, 2020 that Wells Fargo is targeting to distribute a total of $10 billion to small business customers under the requirements of the Paycheck Protection Program (PPP) and will focus on serving two segments: nonprofits and small businesses with fewer than 50 employees.

We have received forms from customers expressing interest in the PPP that we expect will fill the company’s capacity to lend under the program, as Wells Fargo continues to operate under existing asset cap limitations. Given the exceptionally high volume of requests we have already received, we will not be able to accept any additional requests for a loan through the Paycheck Protection Program.
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/
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Old 04-06-2020, 02:50 PM
 
23,379 posts, read 16,097,532 times
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As stated in another thread, Congress and DT greatly expanded definition of small business for this SBA program. Faith based organizations, national chains, and others were included, only main qualification is that the business have 500 or less employees.

So a local Chipotle, In and Out Burger, Sweetgreens, etc.... are able to apply and recieve benefits; long as they have 500 or less employees in a given geographical area.

Who do you think has the manpower and technical expertise to navigate the SBA application process quickly? Many small business owners have never applied for such loans before and are having difficulty understanding or rounding up required paperwork.
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Old 04-07-2020, 10:39 AM
 
2,609 posts, read 995,245 times
Reputation: 6564
Annnd...it’s gone!

Wells Fargo is earning 5% service fees on $10B, let’s see that’s $500 million. Not bad for a days work!
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Old 04-07-2020, 01:03 PM
 
Location: Union City, NJ
1,855 posts, read 1,194,562 times
Reputation: 2411
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.
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Old 04-07-2020, 03:11 PM
 
23,379 posts, read 16,097,532 times
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Quote:
Originally Posted by TimAZ View Post
Annnd...it’s gone!

Wells Fargo is earning 5% service fees on $10B, let’s see that’s $500 million. Not bad for a days work!

Money for nothing and your chicks for free!
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Old 04-09-2020, 11:44 AM
 
Location: St Louis Metro
152 posts, read 197,908 times
Reputation: 152
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.
Not only confused business owners but confused banks. The forms to fill out were supposed to by 2 pages long.
I had a datasheet which was 4 pages long I had to have each separate month of 2019 employee payroll. All my 940s and 941's document for insurance and retirement plan a P/L for 2019 and for ytd 2020. I have to show proof of my income for 2019 as a self employed business owner.
The majority of these things we were told would not be needed to start to get this fast tracked. Its been more scrutinized than my recent home loan. I understand its a lot of money and there will be fraud but this isnt how the SBA stated this was going to be and the banks themselves have made this what it is.
That said I have been sitting at final approval since Monday and have been told I should hear from them in the next 24-48 hours. Fingers crossed this is just a formality for my employees sakes and for a stress relief for me.
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Old 04-09-2020, 07:02 PM
 
23,379 posts, read 16,097,532 times
Reputation: 16882
Quote:
Originally Posted by kaliman91 View Post
Not only confused business owners but confused banks. The forms to fill out were supposed to by 2 pages long.
I had a datasheet which was 4 pages long I had to have each separate month of 2019 employee payroll. All my 940s and 941's document for insurance and retirement plan a P/L for 2019 and for ytd 2020. I have to show proof of my income for 2019 as a self employed business owner.
The majority of these things we were told would not be needed to start to get this fast tracked. Its been more scrutinized than my recent home loan. I understand its a lot of money and there will be fraud but this isnt how the SBA stated this was going to be and the banks themselves have made this what it is.
That said I have been sitting at final approval since Monday and have been told I should hear from them in the next 24-48 hours. Fingers crossed this is just a formality for my employees sakes and for a stress relief for me.
IIRC to date banks have not received guidance as to who is responsible for the inevitable fraud, theft and abuse that comes part and parcel with any large government program. So as measure of CYA banks are doing what they always and should do; know their customer and insisting on proper documentation.

https://www.nytimes.com/2020/04/09/b...ronavirus.html


This IMHO is a natural and prudent way to go; because you just know several months or a year from now we're going to be hearing how money flew out the door to people it shouldn't have.

Part of the problem is as always Congress and the WH; the scheme was hastily drafted up leaving enough loopholes and gaps that the Big Mo could sail through with ease. Fact His Orangeness most certainly wants him and his to get at this slush fund is probably behind some of the vagueness.
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Old 04-10-2020, 08:10 AM
 
2,609 posts, read 995,245 times
Reputation: 6564
Quote:
Originally Posted by BugsyPal View Post
IIRC to date banks have not received guidance as to who is responsible for the inevitable fraud, theft and abuse that comes part and parcel with any large government program.
Wells Fargo wrote the manual on fraud, theft and abuse, why would they need guidance from the government on prevention?
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Old 04-10-2020, 10:33 AM
 
607 posts, read 1,761,348 times
Reputation: 776
I'm curious, if anyone who owns a small business has successfully received any funds under the Paycheck Protection Program from Wells Fargo yet?
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Old 04-10-2020, 08:54 PM
 
5,110 posts, read 3,406,250 times
Reputation: 10376
Quote:
Originally Posted by kwalk65 View Post
I'm curious, if anyone who owns a small business has successfully received any funds under the Paycheck Protection Program from Wells Fargo yet?
I'm curious if any small businesses have received funds from any bank for the PPP or from the SBA for the EIDL.
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