PPP going through lenders vs. SBA was supposed to be a godsend. feels more like a nightmare at this point

Sharing is Caring!

by jochexum

I think everyone on this sub is fully aware the sba has bungled the eidl rollout.

that said, there at least seems to be some measure of fairness or at least consistency in the SBA’s process. first in, first out. everyone dealing with the same rules. even though they’ve taken it upon themselves to administer the EIDL advance in a way not really dictated by congress ($1k per employee up to $10k). to be fair, even congress said up to $10k, they just didn’t specify that # of employees would be what determined that amount.

PPP on the other hand has been a complete nightmare. banks are putting artificial caps on lending, refusing to lend to non-existing customers, cherry picking which applicants get funded vs. others. there’s no semblance of fairness or consistency.

BofA initially refusing to take existing customers unless they had a lending relationship in addition to business checking. Other large banks still not accepting any applications even after 10+ day of PPP rollout. Ruth’s Chris quickly got $20 million from Chase while thousands of small businesses can’t get a response from Chase. Hedge funds are getting PPP funds. legit small businesses are being completely shut out through no fault of their own.

if the PPP gets additional funding, I hope Congress takes it out of the banks’ hands. I’d rather deal with the slow as hell but relatively fair SBA than let the banks screw us all over while they prioritize their massive clients.

super disappointing that congress put this in the hands of the same people who wrecked the economy ten years ago. banks are gonna bank…greed is the name of the game for them.

 

 

93 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.