Small Business Disaster Relief

[ForEverlast]

From what I understand BOA has processed 1,000 loans and Frost Bank has processed over 10,000 loans.

The big banks have more local branches because they bought out smaller community banks after the financial crisis. They are not equipped to handle more small businesses.


I thought about applying for a PPP loan because the rates are 3.5%?.... BUT when I saw the initial dollar amount put into the program I had enough respect not to apply at this time. I have reserves and can hold on for a while. The fact that I would do that and Ruths Chris wouldn't means I won't be dining there anymore.

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Rates are set at 1% maturity 2 years..

[ForEverlast]

[quote=BlackoutRam2500;14841611]From what I understand BOA has processed 1,000 loans and Frost Bank has processed over 10,000 loans.

The big banks have more local branches because they bought out smaller community banks after the financial crisis. They are not equipped to handle more small businesses.


I thought about applying for a PPP loan because the rates are 3.5%?.... BUT when I saw the initial dollar amount put into the program I had enough respect not to apply at this time. I have reserves and can hold on for a while. The fact that I would do that and Ruths Chris wouldn't means I won't be dining there anymore.

I wont be dining there anymore either ...**** it was good too

[Austin]

All can say is if you are unhappy with the way the big banks handled it and want a better banking relationship change banks, find one that values you as a customer and speak with your actions.

I have somewhat purposefully stayed out of this but will say our team has been working non-stop including nights and weekends to serve our customers in the order applications were received. Many of these requests did didn’t even get out of 4 digit territory. Those guys need it and it will keep there doors open

[wtx223]

As in denied requests or pushed to the back of the line?


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Not denying requests, but pushing big corporate clients in front of smaller business's that applied from the start. From a business standpoint that makes sense for them, but by the time they got back to their smaller clients who probably had a greater need, funds had dried up.

Then the feet dragging and excuses. Big banks will likely see plenty of lawsuits.

Smaller regional and local banks were much better option.

My sister applied second day out with one large bank for 3 businesses. After a week to ten days she went to a local bank and was SBA approved within 24 hours. She has since moved all her accounts.

I had great results for my app with a local bank as well.

[Landrover]

Definitely gonna be lawsuits and surely alot of banks picking up new clients. Service is KEY!!!

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[Grayson]

So you’re mad they didn’t mysteriously choose you first for the SBA loan? Hundreds of thousands of applicants..... a few thousand processors... what kind of special attention do you deserve? Over the hundreds of thousands of applicants who didn’t get their loans either?


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Applied with Chase on the first day available. Heard ZERO for 9 days.


Applied with my new bank Monday. Just got my approval email.


Got any more stupid questions?

[BlackoutRam2500]

Rates are set at 1% maturity 2 years..

1%? Wow that is great but 2 years isn't a long time.

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[justindiehl7]

Applied with Chase on the first day available. Heard ZERO for 9 days.


Applied with my new bank Monday. Just got my approval email.


Got any more stupid questions?

So is today the 9th day? Got your approval email for what? Considering there are no funds currently available from the first round of SBA loans....


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[Grayson]

So is today the 9th day? Got your approval email for what? Considering there are no funds currently available from the first round of SBA loans....


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9th day from first round of funding was last week.

First day of funding from second round was this week. While Chase sat around twiddling their collective thumbs, I got approval on day 3.

You should use more ellipses. It’s working great for ya.

[bloodtrailer28]

Its amazing what a good bank whos willing to work with you and for you can do in a short amount of time. Glad to hear you got approved Grayson.


Justin can you even legally buy yourself a cold beer yet?

[bermise]

So is today the 9th day? Got your approval email for what? Considering there are no funds currently available from the first round of SBA loans....


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Yes the funds are all gone Justy. Do not apply.

[justindiehl7]

Small Business Disaster Relief

All can say is if you are unhappy with the way the big banks handled it and want a better banking relationship change banks, find one that values you as a customer and speak with your actions.

I have somewhat purposefully stayed out of this but will say our team has been working non-stop including nights and weekends to serve our customers in the order applications were received. Many of these requests did didn’t even get out of 4 digit territory. Those guys need it and it will keep there doors open

I seemed to have missed this one but BINGO. I’ve watched someone work tirelessly for the past two weeks working on the applications dealing with asshat customers that think they know everything, that also seem to think it’s the bank issue that they can’t get their government grant. Also since nobody could answer my questions, chase has processed more SMALL business loans than any other bank... But wait there’s more, those large corporations that are “voluntarily” giving their money back, that’s not voluntary, that is Fraud. Some of you guys need to get off your high horse just because you got denied, or your request didn’t get processed fast enough.


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[sotx]

I seemed to have missed this one but BINGO. I’ve watched someone work tirelessly for the past two weeks working on the applications dealing with asshat customers that think they know everything, that also seem to think it’s the bank issue that they can’t get their government grant. Also since nobody could answer my questions, chase has processed more SMALL business loans than any other bank... But wait there’s more, those large corporations that are “voluntarily” giving their money back, that’s not voluntary, that is Fraud. Some of you guys need to get off your high horse just because you got denied, or your request didn’t get processed fast enough.


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I have been very patient hoping praying PPP will go through. My banker has been in constant contact and working his ball sack off since this started. Just this morning he told me my application was one of the very first he submitted so hopefully it will get considered by SBA. #ffffchina

[Throwin Darts]

I work for a small community bank.

If you ever needed a reason to switch from a large mega bank to a community bank this entire situation should give you the push you need.

The loan demand for the PPP program was beyond anyone's expectations. Even at our small bank, there were thousands and thousands of applications. I can't fathom how many there were at Chase, Wells and BofA. Just like with any business, you have to prioritize certain customers. Say what you want about this but its a fact of life.

At the mega banks, there were too many applications to process. That's just a fact. They had to pick and choose and they did. If anyone is surprised by that I am not sure why you would be. The smaller banks, even though it required tons of work, were able to work through their applications. If I were a business owner I'd make sure to open and grow a relationship with a community bank in case there ever were another situation where you needed personal attention in a time sensitive crunch such as this. Yes its nice to have a branch at every corner but at the mega bank are you a single fish in an ocean.

I'll also add that the way the PPP program was structured, everyone qualified. I would say that more than half of the companies that got the money didn't need it. Don't be surprised that funds went to companies that weren't starving for it. After all, this was a GOVERNMENT program that was thrown together in a short time frame where the plan of action was to shoot, then aim. I'd be way more surprised if it wasn't as screwed up as it is.

[gemini2759]

Question, we received a $10,000 deposit this morning for the restaurant account. I am assuming its the EIDL advance. Does this have to be repaid? Some are telling me yes and some are telling me no. The SBA website says no, but ..