re: PPP running out of Money?

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Start contacting smaller banks and credit unions NOW. Find out if you can get in their queue. Move accounts there if you have to and this loan is critical to your business.

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This is important because SBA is said they are NOT going to have a queue. So, when/if this sucker reopens, it's going to be like those old movies where everyone is running out west for the land grab. So you want to be as close to the front of your bank's line as you can get.

There is a part of me that wonders if, as a condition for round 2 of funding, Congress might create some sort of prioritization.

Someone asked me this morning why SBA can't just bypass Congress and go directly to the Fed Reserve, since the Fed Reserve has said they will basically offer unlimited capacity. I guess the Fed Reserve can't guarantee?

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I will say I moved from Chase to Iberiabank about a year or so ago.
That turned out to be a great move.
Iberia handled what we needed and got this done for us. Might have gotten left out in the cold with Chase.

It's always important for us to have local decision makers when we needed to extend our LOC or needed something. With Chase you had to wait until someone in the corporate office decided to do something.

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Sadly that level of customer support will be coming to an end with Iberia (who I love and bank with) as soon as the First Tennessee takeover takes place on May 1st. It will lose its local flavor as most of the key execs from Iberia are being let go as the bank will become a national bank. Really sad to see what is happening over there right now from a management/executive level.

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My shop processed over 1,500 applications in 14 days. We still have about 400 that we weren’t able to process through ETRAN. Looks like the financial institutions we serve are still taking apps in anticipation of additional funding.

It has been all hands on deck, 16 hour days, 7 days a week since 03/20 getting ready for this and processing. My guys are spent. Now we’re trying to catch up on docs while we have a little breathing room.

I’m so freaking sick of looking at ETran.

These last couple of days, we’ve been able to get over 200 per day through authorization. Pretty damn proud of my staff!

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Y'all are doing yeoman's work for sure. Hope y'all are being well compensated and can share some of that cheddar with your staff.

My sister works at a bank and has similar stories. When this is all done y'all need a good vacation!

Congrats

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We actually lucked out and got an approval email from Chase at 4am this morning. Shocked I am tbh...

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When did you apply?

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DownSouthJukin

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If you got a SBA loan#, you're good