Quote:
Originally Posted by Trivers
Same experience.
Two I currently bank with. Last one was the largest SBA loan lender in the state.
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I imagine the banks are getting inundated with calls on this thing, and quite honestly, I (again) don't think all the fine details have been worked out. I've personally spent time reading the bill, and it's not an easy read by any stretch, and I'm sure as hell not an attorney or in congress to where this type of stuff is second nature.
I'm still concerned with how the PPP and the EIDL are going to work in tandem with each other as well....amongst other details. The language states that you can add the EIDL on top of the loan, but this would imply that the EIDL is already funded. What about the millions of applications that haven't been processed yet?
My original estimate to fund through the PPP was 2 months, mainly on the assumption that until these details are worked out, it was going to delay the process. I now think that funding in general will come sooner, but I'm not worried about when funding occurs....I'm worried about when funding will occur
for my clients. While 2 months may be a stretch, I'm starting to think that, with all the logistical problems on top of the details, 2 months on average may not be too far off....