SBA Application Inside Scoop
Originally Published : April 6, 2020
♪ ♫ Just say the word, oh….
Ru-Ru-Rubio ♪ ♫
Dear HL Clients,
We are in the thick of SBA applications and it’s playing out like an old monster movie: The Bloated Bureaucrat vs. The Baffled Banker or, more appropriately like the modern romcom: Clueless. But, don’t worry because our man Marco Rubio is on the job in Washington and he’s totally fetch. You see, he’s the Chairman of the Senate Small Business and Entrepreneurship Committee and he plays a key role in our world right now and here is what he said today:
“I believe Congress is going to have to go back in some way, shape or form and address additional things that have emerged since [the first bill passed],” he said. “That includes, by the way, replenishing the funds on the small business loan program. Because I believe that those funds, given the demand, will not reach June 30.”
You got that right Senator! Ain’t no way it’s gonna last until June 30th. Heck, it might be gone in a few weeks if the banks can get it together. And why should it be this mad rush to see who gets the money? Isn’t it easy enough to calculate the number of small businesses and their payrolls and then determine what will be needed to save us? It’s not cute to run out. This is not a whimsical, nightly special. It’s our lives and the math is easy. Just make an assumption that 100% of us will be applying for the loan, fund that amount and you will have it covered.
UPDATE: Mr. Trump just said in his news conference that he would make sure the pot gets replenished. Well, it’s not up to him alone so we have to hope Congress feels the same way.
Here’s Joey Regs with the latest:
What a day! Another day, and another swing-and-a-miss for the banks. Here is my report from the trenches:
M&T Bank – They are open for business here, but you need to have a pre-existing relationship with them. Unfortunately, most people have never even heard of them!
TD Bank – Popped open a fully-comprehensive online portal this AM. Super tedious, but we were able to work through it…until one of the last pages. There was a stated request to upload a specific document, BUT there was a bug in their upload mechanism on this page. You couldn’t upload anything and you couldn’t save, to try again later. Then ultimately it crashed. 4 hours later, it’s back online, and working. It’s taking HOURS, but we have been able to get through it with success.
Chase – The banking giant did not disappoint in their encore to last week’s performance of “The Biggest Disappointment.” After a weekend of assorted vague communications from their local bankers to small business owners directly, across the country, suggesting that if you got certain paperwork in to them on Sunday, they would be able to process your application first-thing Monday AM more expeditiously, they again dropped the ball. Not only were any and all of those promises untrue, but they are still somehow not ready to process applications! SOME reps are making calls today, looking for info and disseminating some additional questions that they plan to ask, but that’s it. Shameful, honestly. UPDATE (6:00PM): Chase now has an online platform up and apparently working! Better late than never, I guess. Hang tight for reviews on the experience. WAIT..NEW UPDATE (6:20PM) – Chase crashed!!! It lets you in and then crashes.
Bank of America – They’re back online today and has removed the “credit” requirement that existed last week. They actually seem to have things together now, and appear to be the clear leader of the pack here with respect to this PPP process.
Wells Fargo – Launched their online portal. Closed it shortly thereafter because they reached capacity and it crashed. As of this moment, they are NOT planning to reopen the program. So if you bank with Wells Fargo, it’s time to start looking at alternatives.
Here’s a tidy little chart for you to review to make sure you are applying for the right loans. Any questions, email us at [email protected]
Well, that’s about if for today. Let’s all pray for the plateau and as Jerry and the boys said “We need a miracle every day.”