Hey Small Business Owners...What are you doing to ride the storm out?

[mililo4cpa]

Originally Posted by Papachief

There is a letter up on the website that states they are now only going to issue up to 10B to businesses of 50 or less and non profits. They claim they have the capacity to loan 385B but they are under an asset cap which stems from the past leadership and there actions. They are going to donate all the proceeds from the loans they do fund to charity. You can find the letter on the WF website under small business.
I still qualify but I have a feeling they will go with mostly non profits!
Doesn’t sound good but I will keep my fingers crossed. I will continue to work the bank that I have my personal accounts with and see what happens there. As of Friday they still were not taking apps yet.

Sorry for slow response....been wrapped up this morning:

I guess it would depend on how much you want to push them, or if you'd rather go find another approved lender. If you want to push, use the below docs I've posted before:

https://www.sba.gov/sites/default/fi...%20FINAL_0.pdf
https://home.treasury.gov/system/fil...Fact-Sheet.pdf


I'm re-attaching the SBA Final Rule and Treasury Fact Sheets:
1. any eligible participant (I'm assuming you are eligible) can go to any lender. You are eligible and you want to apply....WF is an eligible lender, they need to allow you to apply
2. First come / first serve program....make notes and records of who you talked to, the time that you talked. Ask if they are recording this call and to note the time stamp. Ask for a call transcript, because later on, if you didn't get your app in, you probably want documentation that you attempted to apply
3. It's a limited resource, so you would like to proceed immediately as to not miss out.
4. It's SBA backed and the diligence requirements / certifications are set. No guidances makes any record of having these additional requirements. Again, you are eligible and want to apply.

Cannot promise this gets you anything more than a "I'm sorry"....which then would lead down another path, but it may be worth trying. but you have to talk with somebody.....

It sucks for sure.....but WF (and the other bigs) are trying to protect their own butts on this...

[mililo4cpa]

Originally Posted by Papachief

There is a letter up on the website that states they are now only going to issue up to 10B to businesses of 50 or less and non profits. They claim they have the capacity to loan 385B but they are under an asset cap which stems from the past leadership and there actions. They are going to donate all the proceeds from the loans they do fund to charity. You can find the letter on the WF website under small business.
I still qualify but I have a feeling they will go with mostly non profits!
Doesn’t sound good but I will keep my fingers crossed. I will continue to work the bank that I have my personal accounts with and see what happens there. As of Friday they still were not taking apps yet.

https://www.benzinga.com/government/...siness-lending