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Started By
Message
re: SBA and PPP
Posted on 4/3/20 at 1:51 pm to baldona
Posted on 4/3/20 at 1:51 pm to baldona
quote:
Regions (I'm probably Fricked) is requiring me to submit a couple forms I don't have like IRS Form 940 and Form 941 because I work with an HR company and we are leased employees. Anyone know what to submit here?
Are you able to get anywhere in the Regions website? I keep getting a screen that says "Sorry for the inconvenience. Online Application Coming Soon"
1
Posted on 4/3/20 at 1:57 pm to jchamil
quote:
Are you able to get anywhere in the Regions website? I keep getting a screen that says "Sorry for the inconvenience. Online Application Coming Soon"
Great...yes, i got in and submitted my application. You are correct it looks like its down again. I got about half my forms submitted and I was waiting on my HR company to get me the rest then it stopped let me upload them.
I'm wondering if they are waiting to accept more or will require people to reapply due to changes now...
Posted on 4/3/20 at 1:59 pm to LSUFanHouston
quote:
Steven Mnuchin
@stevenmnuchin1
UPDATE over $1,800,000,000 #PPPloan now processed by
@SBAgov
FRIIIIIIICCCCCKKKKKK!!!!!!!!!!!
Posted on 4/3/20 at 2:01 pm to tgrbaitn08
Which bank?
Posted on 4/3/20 at 2:04 pm to baldona
quote:
FRIIIIIIICCCCCKKKKKK!!!!!!!!!!!
I'm on a webinar now and this guy from the SBDC is saying that Mnuchin is saying if it looks like they will get close to the cap, they will go back to Congress to get more authorization.
There is a rep from Gulf Coast Bank on this webinar as well, she says they aren't accepting yet. I am a customer of theirs for my personal banking, and while I like the people over there, their technology is trash.
Posted on 4/3/20 at 2:08 pm to baldona
we are doing it through Whitney and they are requiring everything you would think.
Posted on 4/3/20 at 2:20 pm to LSUFanHouston
GC is the only one I've heard requiring a PFS for this loan as well
I mean I don't see how they won't have to
quote:
I'm on a webinar now and this guy from the SBDC is saying that Mnuchin is saying if it looks like they will get close to the cap, they will go back to Congress to get more authorization.
I mean I don't see how they won't have to
This post was edited on 4/3/20 at 2:24 pm
Posted on 4/3/20 at 2:42 pm to BilJ
I have a friend who works for GC, and he said the bank may lose money with these loans. They are only processing clients that do businesses with them already.
Posted on 4/3/20 at 2:52 pm to Catchfalaya
Anyone have any luck with Capital One?
Posted on 4/3/20 at 2:53 pm to Catchfalaya
quote:
I have a friend who works for GC, and he said the bank may lose money with these loans. They are only processing clients that do businesses with them already.
How? They are making 1-5% origination fees aren't they? They are only 2 year loans and most will be forgiven. Seems like a cop out to me.
Posted on 4/3/20 at 2:56 pm to baldona
I think what the main issue is the “What if”. What if the client blows the money on other things? Will the SBA then take the guarantee away from the bank. Then said bank is out of the loan money due to no collateral, etc. banks love collateral
Posted on 4/3/20 at 3:02 pm to Catchfalaya
quote:
I think what the main issue is the “What if”. What if the client blows the money on other things? Will the SBA then take the guarantee away from the bank. Then said bank is out of the loan money due to no collateral, etc. banks love collateral
Ah, true. Well that's absolutely going to happen actually. Lot of companies are hurting for revenue and have a lot of expenses outside of what this payroll covers with little revenue to cover that.
The banks will be bailed out though, lets be honest. I don't know why they are sweating it. Make the loans and get your pay day, deal with the losses down the line.
Posted on 4/3/20 at 3:10 pm to snatchola
quote:
Anyone have any luck with Capital One?
My banker told me around noon that they're still waiting on updated guidelines and forms from SBA - not accepting applications yet.
Posted on 4/3/20 at 3:12 pm to Brummy
That’s what my friend at GC said the guidelines are not clear enough at the moment. Banks want Better legal language to protect them in case their is an application error or client blows money in other ways, and then the SBA takes away the guarantee.
Posted on 4/3/20 at 3:20 pm to Catchfalaya
UPDATE over $1,800,000,000 #PPPloan now processed by
@SBAgov
mostly all from community banks. Big banks taking in large amounts but not yet submitted in these numbers! #CARESAct #SmallBusiness
Steven Mnuchin
@stevenmnuchin1
·
4h
UPDATE #PPPloan now over $875,000,000 processed almost all from community banks! Big banks taking applications and will submitting them shortly.
@SBAgov
@USTreasury
#CARESAct #SmallBizRelief
Steven Mnuchin
@stevenmnuchin1
·
6h
#PPPloan UPDATE $400,000,000 originated. Thank you #communitybank #largebanks
@SBAgov
@USTreasury
#CARESAct #SmallBusinessRelief
Hate to say it, but any bank waiting is gonna frick all its clients and lose a lot more business then just pushing them through. This money is gonna be gone quick.
@SBAgov
mostly all from community banks. Big banks taking in large amounts but not yet submitted in these numbers! #CARESAct #SmallBusiness
Steven Mnuchin
@stevenmnuchin1
·
4h
UPDATE #PPPloan now over $875,000,000 processed almost all from community banks! Big banks taking applications and will submitting them shortly.
@SBAgov
@USTreasury
#CARESAct #SmallBizRelief
Steven Mnuchin
@stevenmnuchin1
·
6h
#PPPloan UPDATE $400,000,000 originated. Thank you #communitybank #largebanks
@SBAgov
@USTreasury
#CARESAct #SmallBusinessRelief
Hate to say it, but any bank waiting is gonna frick all its clients and lose a lot more business then just pushing them through. This money is gonna be gone quick.
Posted on 4/3/20 at 3:23 pm to baldona
quote:
Hate to say it, but any bank waiting is gonna frick all its clients and lose a lot more business then just pushing them through. This money is gonna be gone quick.
There is always more money in the banana stand if you own digital cash printers.
Posted on 4/3/20 at 3:23 pm to baldona
this being such a giant cluster frick, I don't see any way this is a once its gone, its gone type situation.
Posted on 4/3/20 at 3:25 pm to BilJ
Yeah I agree. I almost waited to apply on purpose to let the system work itself out. May be better offers out there later.
Posted on 4/3/20 at 3:29 pm to baldona
Yep. frick chase. They are lying sacks of shite. Saying “there is no place to turn in applications”.
I fully believe they are waiting this out until funds run dry and planning to blame the government.
My money will be moving out from there ASAP.
I fully believe they are waiting this out until funds run dry and planning to blame the government.
My money will be moving out from there ASAP.
Posted on 4/3/20 at 3:48 pm to Catchfalaya
quote:
I think what the main issue is the “What if”. What if the client blows the money on other things? Will the SBA then take the guarantee away from the bank. Then said bank is out of the loan money due to no collateral, etc. banks love collateral
SBA has said that if the borrower spends money on non-approved things, that the bank will be held harmless. Further, SBA has said they will buy guaranteed loans.
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.
You have to understand, SBA is a complete PITA when it comes to stuff like this. The amount of hoops you have to jump through on a normal SBA loan is insane.
My guess is there is a bit of distrust right now between the banking industry and the SBA.
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