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Started By
Message
Texas, by far, needed the most PPP loans
Posted on 4/16/20 at 5:48 pm
Posted on 4/16/20 at 5:48 pm
Texas takes 22% of loan money. Geaux !
5
Posted on 4/16/20 at 5:50 pm to Picayuner
Everything is bigger in texas.
Posted on 4/16/20 at 5:50 pm to Picayuner
Makes sense. The oil industry got spit-roasted by KSA and Russia before this whole virus thing even started.
Posted on 4/16/20 at 6:00 pm to Picayuner
Didn’t realize their was such a crisis in TX. There are a lot of smaller banks spread across TX that move a lot quicker than the big boys. We used a couple for our clients, especially those tied up with Cap One, & were funding in four days from app submission. Wells Fargo has a large presence in TX. They allocated $10B & were on top of the program. BOA did a pretty good job.
The PPP is guaranteed by the Fed, but funded by the banks. EIDL is funded from the US Treasury.
Imo, they got more than their fair share, but it was first come, first serve.
I do not have a single client that is staying with Cap One. They had the audacity to post a link this week that you could register for a Cap One response, not apply. That was it for our folks.
The PPP is guaranteed by the Fed, but funded by the banks. EIDL is funded from the US Treasury.
Imo, they got more than their fair share, but it was first come, first serve.
I do not have a single client that is staying with Cap One. They had the audacity to post a link this week that you could register for a Cap One response, not apply. That was it for our folks.
Posted on 4/16/20 at 6:19 pm to Picayuner
Buddy of mine (and his company can legit use PPP) applied last week. PPP money ran out yesterday and he is a bit down but is also pissed because his daughter works for Get Gordon and she told him he (Gordon McKernan) applied for $2-$3 million in PPP funds (he was not sure if they got them).
Posted on 4/16/20 at 6:21 pm to captainahab
If any small business needed to go under it is law firms.
Posted on 4/16/20 at 10:30 pm to captainahab
My company can legit use it too. Makes me sick the way this has played out.
Posted on 4/16/20 at 10:33 pm to captainahab
BR lawyer I know says Gordon got it.
Posted on 4/16/20 at 10:35 pm to BHS78
You a ole bitch arse baw baw. Who do you think crested the PPP program? Not some truck nut dip eating boudin suckin Louisiana plant baw! THATS FOR REAL BAW
Posted on 4/16/20 at 10:38 pm to tigernnola
quote:
Didn’t realize their was such a crisis in TX. There are a lot of smaller banks spread across TX that move a lot quicker than the big boys. We used a couple for our clients, especially those tied up with Cap One, & were funding in four days from app submission. Wells Fargo has a large presence in TX. They allocated $10B & were on top of the program. BOA did a pretty good job.
The PPP is guaranteed by the Fed, but funded by the banks. EIDL is funded from the US Treasury.
Imo, they got more than their fair share, but it was first come, first serve.
I do not have a single client that is staying with Cap One. They had the audacity to post a link this week that you could register for a Cap One response, not apply. That was it for our folks.
This was good info. Thanks for sharing
Posted on 4/17/20 at 12:47 am to Warrior Poet
As a commercial banker with a smaller community bank I’d have to say I I’ve seen things very differently than you.
Wells didn’t “allocate $10B.” They were limited by the government to $10B because of their multiple past transgressions and everything I’ve heard about their process was awful. I would guess at least 90% of non-client loans I worked were Wells clients.
BoA only offered the program to their existing credit clients which means a client with a commercial loan or business credit card. That disqualified many, many of their small business clients. I worked a lot of BoA clients too. Many will be leaving because of the non-responsiveness.
I haven’t heard anything about Cap 1 as they aren’t big in GA but I would assume things didn’t go well there.
ETA: Once a borrower is approved by SBA other banks are “locked out” and I am notified that the borrower has been approved elsewhere. I notified plenty of applicants (who didn’t know) that they were approved elsewhere. Most applicants, particularly with the bigger banks, have no idea whether or not they’ve been approved and they are all hearing the money ran out today and are freaking out. Also, not to nitpick, but it is guaranteed by SBA which is treasury, not fed. The fed will, though, be taking these loans off the bank books to keep from ruining capital ratios.
Wells didn’t “allocate $10B.” They were limited by the government to $10B because of their multiple past transgressions and everything I’ve heard about their process was awful. I would guess at least 90% of non-client loans I worked were Wells clients.
BoA only offered the program to their existing credit clients which means a client with a commercial loan or business credit card. That disqualified many, many of their small business clients. I worked a lot of BoA clients too. Many will be leaving because of the non-responsiveness.
I haven’t heard anything about Cap 1 as they aren’t big in GA but I would assume things didn’t go well there.
ETA: Once a borrower is approved by SBA other banks are “locked out” and I am notified that the borrower has been approved elsewhere. I notified plenty of applicants (who didn’t know) that they were approved elsewhere. Most applicants, particularly with the bigger banks, have no idea whether or not they’ve been approved and they are all hearing the money ran out today and are freaking out. Also, not to nitpick, but it is guaranteed by SBA which is treasury, not fed. The fed will, though, be taking these loans off the bank books to keep from ruining capital ratios.
This post was edited on 4/17/20 at 12:59 am
Posted on 4/17/20 at 1:43 am to Picayuner
It's only the 10th largest economy in the world.
Posted on 4/17/20 at 3:33 am to captainahab
quote:sounds legit...buddy of mine (a prince in Lagos)told me the same story...get gordon yippee
Buddy of mine (and his company can legit use PPP) applied last week. PPP money ran out yesterday and he is a bit down but is also pissed because his daughter works for Get Gordon and she told him he (Gordon McKernan) applied for $2-$3 million in PPP funds (he was not sure if they got them).
Posted on 4/17/20 at 5:17 am to skinny domino
quote:
sounds legit...buddy of mine (a prince in Lagos)told me the same story...get gordon yippee
always and consistently a piece of shite
Posted on 4/17/20 at 6:56 am to gthog61
quote:hey dipshit, you know Gordon?? If not, go back to sitting on a cypress knee.
always and consistently a piece of shite
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