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Started By
Message
re: SBA and PPP
Posted on 4/4/20 at 12:12 pm to LigerFan
Posted on 4/4/20 at 12:12 pm to LigerFan
Are banks like GC and Hancock Whitney still putting clients through the “Process” before getting approved? As in your app goes to the loan officer-packager-underwriter-credit committee-closer- then you get your money all the while in between the SBA approves you. If that’s the case the money will run out by then. I’m being advised to go through a very technological advanced lender to bypass those internal bank processes.
2
Posted on 4/4/20 at 12:17 pm to Catchfalaya
quote:
Are banks like GC and Hancock Whitney still putting clients through the “Process” before getting approved?
I know GCBs internal audit team is going through the paperwork to make sure my calculation on the max loan amt is correct. They've had the information since Wednesday but just started asking me questions today. Very frustrating.
I am hoping we can get approved and have the money allocated to us this week, but defer the loan origination date to the beginning of May to have those funds cover the 8 week time period where we have heavier labor.
Posted on 4/4/20 at 12:17 pm to Catchfalaya
I sent everything to my GC banker on Wednesday. She sent an email yesterday afternoon telling me to hang on to my paperwork and sign up for some BS contact form.
GC will notify the customers when their portal is ready to upload the documents. I contacted Whitney today and they said to send them everything and they would begin the process .
GC will notify the customers when their portal is ready to upload the documents. I contacted Whitney today and they said to send them everything and they would begin the process .
Posted on 4/4/20 at 12:29 pm to SippyCup
To be clear, Gulf Coast Bank is different from Gulf Coast Bank & Trust Co.
My issue is with GCB&T not GCB.
My issue is with GCB&T not GCB.
Posted on 4/4/20 at 12:38 pm to SippyCup
Yeah I’m working with GCB&T. Apparently they are going to have an online app process available over the weekend.
If I don’t have it by Sunday evening, I’m applying somewhere else.
If I don’t have it by Sunday evening, I’m applying somewhere else.
Posted on 4/4/20 at 1:11 pm to Golfer
Same here. Whitney is actually sending me emails letting us know they are ready.
Posted on 4/4/20 at 3:37 pm to Golfer
Gulf coast just sent out some stuff on now they’re going to handle it
Posted on 4/4/20 at 5:29 pm to LSUFanHouston
quote:
The concern the banks have is, what if they screw the initial paperwork up, and SBA pulls the guarantee? Especially since the rules are changing every hour it seems.
I think banks are concerned that everyone is going to pay off the 4.5% LOC and then the banks have to carry this loan for 2 years at 1%. If it’s all forgiven, they get a nice origination and move on in 8 weeks. If not, they are limiting their lending ability and trading in their profitable spreads for these where I have to assume they are upside down. I don’t think there is concern for default from the banks and it is purely profit. JMO
Posted on 4/4/20 at 5:41 pm to BilJ
quote:
Gulf coast just sent out some stuff on now they’re going to handle it
Still nothing from GCB&T on my end. I will be calling Whitney on Monday morning and soon after bringing the rest of my business to them.
Posted on 4/4/20 at 5:42 pm to BamaAlum02
quote:
I think banks are concerned that everyone is going to pay off the 4.5% LOC and then the banks have to carry this loan for 2 years at 1%. If it’s all forgiven, they get a nice origination and move on in 8 weeks. If not, they are limiting their lending ability and trading in their profitable spreads for these where I have to assume they are upside down. I don’t think there is concern for default from the banks and it is purely profit. JMO
Plus, the loans can be sold off in the secondary market or to the SBA.
Posted on 4/4/20 at 5:43 pm to BamaAlum02
I got an email from Home Bank this afternoon saying that my app was submitted and are waiting on approval from SBA. By the way had no previous dealings with them except for my personal home loan.
Also, I sent my app portfolio to several banks to see which one came through first.
Also, I sent my app portfolio to several banks to see which one came through first.
Posted on 4/4/20 at 6:21 pm to SippyCup
quote:
I hope everyone is having a good weekend. I wanted to make sure everyone has the latest sample application to review in preparation for submitting your PPP SBA loan next week.
All applications must be prepared online by the person applying for the loan. It was our intention to do that for you, but, because of the required attestation questions included on the application, we will not be allowed.
We have been notified that there will be a link to the application site on our website www.gulfbank.com on Monday. To be placed in the queue, you will only need to complete your application and upload payroll information. Financials may or may not be needed once the application comes under review.
Please see link below. Sign up here for more info. It will provide you with timely updates as to when the online application is available:
LINK
If you have questions as you are applying, feel free to reach out to me. I hope the rest of your weekend is safe and restful.
Posted on 4/4/20 at 6:42 pm to BilJ
Thanks, that’s the email I got yesterday. I started using GC more than Whitney because I liked the small town bank feel to it, but it seems they are not suited to handle this.
This post was edited on 4/4/20 at 6:44 pm
Posted on 4/4/20 at 7:30 pm to Sheepdog1833
quote:My understanding is that SBA did not need to approve. That was to be done at the individual bank level.
I got an email from Home Bank this afternoon saying that my app was submitted and are waiting on approval from SBA. By the way had no previous dealings with them except for my personal home loan.
Also, I sent my app portfolio to several banks to see which one came through first.
Posted on 4/4/20 at 7:51 pm to NOSHAU
quote:
My understanding is that SBA did not need to approve. That was to be done at the individual bank level.
Posted on 4/4/20 at 9:01 pm to SippyCup
I’ve heard regions bank has a very good online application process where you can go straight into uploading the payroll docs. They are very technology driven and even have an option to enter the account # you want the funds deposited into. Regions is a $128B bank.
Posted on 4/4/20 at 9:35 pm to NOSHAU
This post was edited on 8/24/20 at 9:46 am
Posted on 4/4/20 at 9:38 pm to Sheepdog1833
This post was edited on 8/24/20 at 9:48 am
Posted on 4/4/20 at 9:51 pm to Catchfalaya
Not our experience. Regions just keeps crashing...
Posted on 4/5/20 at 10:22 am to InThroughTheOutDore
Email from Chase yesterday
‘We will call you tomorrow between 10-11’
No call
‘We will call you tomorrow between 10-11’
No call
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