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Started By
Message
re: Didn’t get PPP, what now?
Posted on 4/17/20 at 4:12 pm to JohnWicksDawg
Posted on 4/17/20 at 4:12 pm to JohnWicksDawg
Reading your post in the other thread. I think you need to lean heavily on your bank to fund if they’re pointing at a date outside the allotted 10 day window so it doesn’t affect your eight week window.
1
Posted on 4/17/20 at 6:46 pm to VABuckeye
..
This post was edited on 4/20/20 at 6:48 pm
Posted on 4/17/20 at 7:58 pm to JohnWicksDawg
Easy for them to say when it’s not their payroll getting delayed. Not saying this is e case for you but it certainly is for many in that situation.
Posted on 4/17/20 at 9:49 pm to JohnWicksDawg
Its your money and you are the customer. Ask the damn questions.
Why are people so afraid to ask direct question directly?
Why are people so afraid to ask direct question directly?
Posted on 4/17/20 at 11:15 pm to VABuckeye
quote:
Maybe we should start a thread with information for those that were left out in the cold. I'm reaching out to a couple of lenders to see if I can send referrals their way of companies in need.
Would love to get in with this. I feel I got royally screwed with Chase (20 yr business banking customer and Private Client with them). I got my info to them soon as they went live. Called along the way and got all of the email from them saying they received my info and it was being reviewed. They would reach out to me if there were any questions yada yada yada............
I got the money is all gone email this afternoon. frick them.
I am looking for a local bank going forward as it is obvious that chase does not need me. Any recommendations would be appreciated.
Posted on 4/18/20 at 5:24 am to ruzil
Guys I don't post but I enjoy the site - I have followed the progressions (or regressions) of the PPP loan stuff since it began. I was on a text string with 16 other BR business owners who were comparing/sharing notes on the progress of their individual banks with processing their companies' loans and here's the outcome - small local banks kicked arse. I would put Iberia at #1 for sure (Essen). Red River was pumping them through as well on day one - the president of one of the branches is a good friend and they were taking care of their customers (I have no money or interest with them, but know they were processing while the big banks were being fat and happy sitting on their hands).
Switching gears, lets get back to Iberia - I personally was on the phone with a high level Iberia banker last Saturday night at around 11PM to alter my application to comply with the new updated Federal crap, while friends and family were left thinking everything would be okay with their larger national banks - most of which were declined. In addition, my personal company is certainly not one of the bigger ones Iberia handles. We are pretty small, but Iberia took care of us with priority. From what I understand, they were 24/7 taking care of all of their customers similarly.
Im truly only sharing this information to help as there are several businesses that were left out including some of my family members and friends and it's crazy. Hope this info benefits some of you who missed the first round, and lets hope you get in the second. Your bank is going to determine if you get funded. Some of the big banks consider PPP risky and are certainly dragging their feet.
Disclaimer: I haven't balanced my checkbook in probably 10 years, so I'm certainly not a banker pumping either of the above banks. I'm truly just trying to help good people in the craziest financial/health period I've seen in my life. Good health to all.
Switching gears, lets get back to Iberia - I personally was on the phone with a high level Iberia banker last Saturday night at around 11PM to alter my application to comply with the new updated Federal crap, while friends and family were left thinking everything would be okay with their larger national banks - most of which were declined. In addition, my personal company is certainly not one of the bigger ones Iberia handles. We are pretty small, but Iberia took care of us with priority. From what I understand, they were 24/7 taking care of all of their customers similarly.
Im truly only sharing this information to help as there are several businesses that were left out including some of my family members and friends and it's crazy. Hope this info benefits some of you who missed the first round, and lets hope you get in the second. Your bank is going to determine if you get funded. Some of the big banks consider PPP risky and are certainly dragging their feet.
Disclaimer: I haven't balanced my checkbook in probably 10 years, so I'm certainly not a banker pumping either of the above banks. I'm truly just trying to help good people in the craziest financial/health period I've seen in my life. Good health to all.
Posted on 4/18/20 at 7:13 am to nolabnkr
quote:
Most of the bankers and underwriters are salary, so no overtime. Banks may be getting fees from the SBA but the bankers are not earning a dime. Many 12-13 hour days, plus throw in a couple 20-21 hour days, no extra money. Side note: while it has slowed a bit, we are doing other deals as well.
I have 0 sympathy for a banker that had to bust their arse the last 2 weeks. First off, outside of these loans what was their projected business the next 2 months at the beginning of April? Almost nothing most likely.
2ndly, bankers have incredible hours and time off for the most part especially comparing to other industries. I mean if they had to bust their arse for 2 weeks straight for the first time in 5 years all the while many were being laid off? Cry me a river.
Lastly, if your bank did more loans in 2 weeks then it was projected to do monetarily for the entire year and you don’t get a bonus or raise or something then you should find a new employer. I have absolutely 0 expectation that most bankers weren’t going to earn extra here. Not to mention long term customer relationships that pay off also.
Eta: I apologize I’m over being mad. I’ve moved on. Had a great day with my kids yesterday and I’m just going to make the best of everything. But I’ll tell you what this thing has done to me, is I have lost sympathy in business deals. I used to play pretty nice. Now it’s my money or your money and your money does me no good.
This post was edited on 4/18/20 at 7:15 am
Posted on 4/18/20 at 8:14 am to shawnlsu
quote:I guess I didn't explain myself very well. I have asked numerous questions, but can't get simple "yes/no" answers.
Its your money and you are the customer. Ask the damn questions.
Why are people so afraid to ask direct question directly?
Posted on 4/18/20 at 10:48 am to NoDoze
quote:
NoDoze
I agree 100% about the small banks knocking it out of the park and that has been the overall sentiment here as well.
At the moment I am VERY small beans for HancockWhitney, although we have a large contract that will start as soon as we are allowed in the schools.
My PPP loan was low 5 figures and they worked on my app as much as any other and got me SBA approved.
That is huge in my book and barring any major screw up in the future, have my business for life.
Posted on 4/18/20 at 10:53 am to JohnWicksDawg
Gotcha, sorry for the comment last night.
I had just got off the phone with a friend that didn't take this seriously and finally called to ask how to apply for the PPP.
I had just got off the phone with a friend that didn't take this seriously and finally called to ask how to apply for the PPP.
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