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04-02-2020, 03:50 PM | #2 |
Fish are scared of me
Join Date: Nov 2001
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Sounds like there will be more SBA money available so I wouldn't sweat it running out.
Listening to Mununchin |
Posts: 40,638
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04-02-2020, 03:58 PM | #3 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
I'm going to bet that the average loan will be more like $1M, so that's 349K loans that could be made....out of potential 30 million small businesses. Yeah, this is the start, not the finish.... |
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Posts: 3,231
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04-02-2020, 05:48 PM | #4 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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So, just to vent a little bit. I mentioned before that my company set up a free hotline for CoronaVirus / COVID help. In reality, its me and my boss fielding all the calls all day long and into the evening. It's been call after call of people who have no clue as to what is happening or remedies available.
I appreciate all of you, because you seem like you are on top of things, even if you don't necessarily have or know all the answers. It's amazing how many people that are out there that don't even concern themselves with the basics.... |
Posts: 3,231
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04-02-2020, 06:27 PM | #5 |
Mortgage the Future Please
Join Date: Apr 2006
Location: Diontae Johnson dreamland
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Landlords...what are you telling your tenants?
Some I pay the utilities, others I do not. Nonetheless, one of my tenants is insinuating that he should not have to pay his rent. If he doesn't pay his rent, I still have to pay the house payment, the utilities, the cable, the heat, the taxes, insurance etc. Why would I continue to pay utilities if you don't even pay me rent? He is also indicating some apartment complex waived their rent for 4-months. How would they even survive? I'm not some big conglomerate corporation. Also, when is this Govt payment going to be direct deposited? Do we have a firm date? |
Posts: 48,984
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04-02-2020, 07:35 PM | #6 | |
In Search of a Life
Join Date: Dec 2005
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Quote:
Have them pay rent as normal? They may not have enough money to keep living, but you can pay your normal bills. Give them the month off? They have enough money to survive, but you may not be able to pay your normal bills. |
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Posts: 31,243
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04-03-2020, 06:15 AM | #7 | |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,638
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04-03-2020, 07:13 AM | #8 | |
best in the biz
Join Date: Aug 2000
Location: Under Pressure
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Please realize they dread making that call, too. |
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Posts: 72,732
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04-02-2020, 08:57 PM | #9 |
Veteran
Join Date: Apr 2002
Location: Jupiter, FL.
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Chase is telling us they wont have anything for us tomorrow...
"Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury. As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped." https://recovery.chase.com/contingency-plan |
Posts: 3,843
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04-03-2020, 05:44 AM | #10 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
So far, only bank I've heard so far....will report if others are out there |
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Posts: 3,231
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04-02-2020, 09:14 PM | #11 |
Supporter
Join Date: Jun 2002
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My local bank will start submitting applications tomorrow. However, they haven't heard back from the SBA on their request for additional user licenses. So they can only have one employee submitting apps at a time. Many of the other area banks aren't doing the PPP or don't really have their ducks in a row yet. My bank has been sending me updates multiple times per day as this evolves. I've sent all of my info and completed app to the bank in advance. Thank you very much for being a voice of reason when I was sleep deprived and stressed, mililo4cpa. If everything works out with the PPP, and it should, then my business will most certainly be just fine even if shit got real, real bad for six months.
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Posts: 2,075
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04-03-2020, 07:25 AM | #12 |
TACO SALAD
Join Date: Apr 2008
Location: yes
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Apparently, Bank of America's portal is up?
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Posts: 6,387
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04-03-2020, 07:43 AM | #13 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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I just had one of my consultants, who is helping a client put in their application to BoA tell me that BoA is telling our client that unless they already have an existing credit relationship (i.e. line of credit or other borrowings), that the SBA is not allowing them to accept PPP loan requests. NOTE: This client has all of their existing checking and savings accounts with BoA
This is not a requirement for PPP eligibility, so I think BoA is giving them a load of shit. I told my consultant to, with our clients, call their relationship manager and physically tell them where in the CARES act or SBA 7(a) does that state it is a requirement. It's bullshit because there are millions of small businesses that deal with non-SBA lenders, who will need to go to SBA lenders to get the PPP. I understand that there will need to be accounts established, and some credit underwriting performed for new customers, but that shouldn't proclude anyone from getting access to the funds. |
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04-03-2020, 07:48 AM | #14 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
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Posts: 3,231
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04-03-2020, 08:03 AM | #15 |
Veteran
Join Date: Oct 2013
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Spoiler!
This is the email information I just received from BOA. I have two business checking accounts with them but no lending as I've never needed a loan from them and their credit card rewards suck, so I use Chase Ink for business. Reading this makes it sound as though I'll be pretty low priority for them to process my application. |
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