re: SBA and PPP

On phone with them now

They are doing a phone app, and will send me forms to docusign

I sent him a completed PPP app and another 'internal' document of theirs before our call so he is just essentially manually entering the information off of that.

GCB&T just opened up their portal.

Iberia Bank emailed out an updated application with a required excel sheet calculator. The calculation includes group health benefits and retirement benefits in compensation for purposes of determining the $100K cap.

They also emailed out an Agent - Lender agreement to be signed by the Agent, Borrower, and Iberia Bank.

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Iberia Bank emailed out an updated application with a required excel sheet calculator. The calculation includes group health benefits and retirement benefits in compensation for purposes of determining the $100K cap.

They also emailed out an Agent - Lender agreement to be signed by the Agent, Borrower, and Iberia Bank.

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My wife, CPA and no pics for any of you, hates Iberia.

They have changed requirements 4 times. They once asked for tax documents that don’t exist.

Her firm is laughing at the Agent Borrower statement. They are not signing a thing. SBA guidance gives banks the out they need in regards of computing the loan amount. Iberia is being stupid.

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Banks have to get SBA approval for the guarantee.

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You have a link to back this up? Everything I've seen simply states that the banks have to register the loan with SBA. SBA is NOT underwriting or approving the loans.

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You have a link to back this up? Everything I've seen simply states that the banks have to register the loan with SBA. SBA is NOT underwriting or approving the loans.

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Can’t show you a screenshot of our production but it does list a SBA loan number and a 100% guarantee column for each loan.

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Why would anyone go with Iberia if they’re including health and retirement in the 100k cap, especially when other banks arent.

Also, what about businesses who ramped up in Nov, Dec, Jan, Feb only to be shut down in March. They get penalized for not being able to include Jan and Feb 2020 in their payroll cost calculation.

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Iberia is having processing and procedure issues atm. That is my opinion talking with CPA and other banks.

I thought guidance was asking for calendar year 2019 info? Have to look at guidance later tonight.

Chase and HW are getting cold feet on processing and asking more information on the forgiveness part. That event and the info needed has not happen yet per others. Have to look at this also.

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Got to go with the big technology driven banks. If your bank is giving you a loan officer requesting docs via email id go find another bank most likely a bank that has over $50 Billion in assets who can digitally fast track this by uploading docs to their servers. The small banks still have to do “The Internal Process” steps.

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Maybe but looking at Chase and their technology driven big bank process makes me want to laugh.

Wells isn’t even doing applications yet.

I am sure a big bank will figure it out with technology but the window isn’t going to be open very long. Once LaserPro, which is the loan doc software for many banks under $100 billion or so, rolls out their integrated process of E-tran to bank promissory note to funding platform (reportedly tomorrow afternoon) then these banks will keep their edge.

Again, it isn’t the large banks don’t have the technology already, they are afraid of the credit and forgiveness risk. SBA has a history of reneging on guarantees in cases of default.

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Big difference between a loan number and guarantee and actually underwriting the loans.

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Edit note: I see what you mean now. Doh.

SBA said we are free to roam once the loan number and guarantee are issued.

Anyone have any success with Capital One yet?