PPP Bank performance opinions

Thank you for the list, very helpful. I was also one who made the mistake of banking with Capital One. You are correct with them not taking applications. They put some crap up right after funds ran out, saying they had been funding since 4/5, which is total bs. Trying to get my ducks in a row so if they open again, at least I can submit an application.

Long long time lurker but have been following money talk religiously for last few weeks. Got this email from Capital One today. They shite the bed from the get go but must know more money is on the way to finally start accepting apps. Hope this go round is better for all of you.

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Got this email from Capital One today. They shite the bed from the get go but must know more money is on the way to finally start accepting apps.

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They've had that same bullshite posted on their website for two weeks. No one in their right mind should believe anything they put out regarding PPP.

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I think performance should be measured by the 1.6 million apps that received approval Vs the amount submitted. I think 20,000,000 were submitted so the percentage funded was only 8%. Epic fail in my opinion

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I think you have a point Catch on how to best assess performance. It would be nice to see break downs by banks in the same way but I can’t find it myself and doubt many want to openly share that particularly the poor performers.

I think there was a severe miscalculation of the funding originally. Which makes the delay on another round frustrating.

The contacts I have all intend to use the funding as intended for majority payroll. And all that have received funding agree that this is a stop gap that gains time to assess the future while keeping employees on.

With the distribution of the eligible businesses it unfortunately makes sense that the money would be depleted by fewer businesses initially. More payroll, more banking contacts/history/debt, more financial reporting infrastructure/knowledge.

Ultimately this may have been the quickest way to secure a larger number of employees pay.

There is no doubt in my mind that banks prioritized customers and I don’t know how you can blame them. Many business owners will be doing exactly what this thread is trying to determine in using performance to make future banking decisions.

In full disclosure I had what I consider a perfect storm of closing this process in one business. Long time bank customer. Personal relationship with banker (lunch/dinner 2-3 times per year, fishing/hunting 1-2 times per year). High relative payroll costs. Recently renewed line of credit. Outstanding loans. Healthy deposits. Updated financial reports. Full time HR/payroll administrator. We didn’t need our CPA’s support. I think there were a total of 5-6 email exchanges and 1 phone call with our banker in total. I know this isn’t possible for many small businesses I’m just laying out my view of the process. This wasn’t all necessary as I know others without these same “advantages” who got their information together just as properly and quickly by themselves and got funded.

Other businesses we didn’t have those “advantages” and used other banks and haven’t gotten an approval. So I am actively seeing several sides of the process.

How is Gulf Coast Bank right now? Anyone have experience with them?

Considering moving accounts from Chase.

I still haven't received anything from Capital One, after signing up to be notified when they were going to accept applications, or any call backs from my local office after speaking to them on a number of occasions.

Send your CapOne banker this

I’m thinking about moving everything to red river very soon. Or at least a good chunk. Does anybody recommend a specific branch?

Thanks!