Interesting read from MSN ... fact checking invited The U.S. was beset by denial and dysfunction as the coronavirus raged
Son works for Frost (Texas only) in commercial banking/lending and has been slammed today trying to get things going. Started at 9 and was told he has to go to at least midnite! Called us last night and told us how screwed up everything was. The Whitehouse was insisting that the loans go live today. The SBA told them they were not ready and was figuring things out on the fly changing their minds every hour all day attempting to provide some sort of direction. The banks were also stating they were not ready and trying to figure everything out. Yes, maybe they are taking applications but let’s see how long it takes for all you’ll ( that means more then 3 of you...lol) to get any funds. Please advise. I will check with Son in the morning and advise if he has anything interesting to report. Best of luck...
I just read that, good article that benefited from a LOT of hindsight, I'd say. I think that all the facts (at least the ones I could easily remember and/or Google quickly) were correct. Here's a thought. What will the Democratic National Convention, and after it, the 2020 Presidential Campaign, "look like" in this new world? Granted, I hope for my own selfish sake that we're able to move around normally before November, but if this thing pushes into June, it's going to cause havoc with "how things are normally done" RE those campaign activities. I'll do that. Stacia & I completed & submitted our app yesterday at around 3:00-ish p.m. CST. This morning at 9:12 a.m. CST I received their auto-responder indicating/confirming they'd received it, and asking us not to submit at this time as they weren't ready to accept them, but to collect a full payment/paycheck report for all employees for 2019, and another for up to/through Feb. 15, 2020. We'd be contacted with instructions as to where/when send those in electronically. I'm very glad for the internet being invented by Al Gore right now, aren't y'all?
Report from Son is that they told them to knock off at 9:30pm yesterday and to prepare for a long day today. He started at 7am and is not sure how long they will go today. They were able to get some applications thru to the SBC. But not nearly as many as they wanted to due to “software” glitches. Remember, there is only so much money available and it is first come first serve. When it’s gone, it’s gone for this bill. After that it is wait for the next bill, if there is one. The banks are guaranteed to make money from the feds, even with loan forgiveness to the applicants that are awarded loans. This program makes up for the usual banking loan business, which is currently in the toilet, hence all the banks are trying to push their loans thru first before the money train is empty. Do NOT delay and get your applications into your bank(s). You have to be an existing customer. Interesting enough, there have been some new banks formed to pick up any new customers. After application to bank, the next hurdle is getting it approved by SBC to go back to the bank for typical Doc Prep, which is when the loan can be, if approved by SBC, begin generation. You can imagine that there are only so many SBC representatives per region, so this is the log jam. As can be imagined these folks are under the gun but have strict guidelines that must be followed. We shall see. Hope it works out for those who need it.
UPDATE: I received an email from B. of A. this morning at 5:54 a.m. CST with their invitation to upload my supporting documentation, so we'll get that done today. Then, back to waiting.
- Govt should have given banks more time to implement/upgrade platforms to take the apps efficiently. This type of volume and turntime is unprecedented and unrealistic. Don't blame banks for "hurry up and wait". Its the govt/Fed'sfault - Will benefit alot of impacted ppl and their businesses. Will also invite alot of fraud. 1 in 10 of your friends will get arrested in 3 yrs haha. - You've heard for years to keep 6-9 months of emergency expenses in cash and to not invest into the stock market with funds that have <2 yr time horizon. This event will teach alot of ppl that lesson. - Banks aren't making a killing on these loans at all. They were also voluntold to do them.
Update2: So, once "in" the system (B of A uses a platform called Intralinks btw...) I found out that they hid the instructions in a folder, which didn't automatically direct you to so you had to just move around and click stuff to see what happened... that was a fun waste of about an hour. Finally Stacia & I stumbled into a folder with a document that said what they wanted was the proof of our payroll through 2019 and up to 02/15/2020. What does "proof of payroll" consist of, though? No clue. So, forced to wing it, We dug out e-copies of our last paystub showing all the pay, deductions, etc for the pay period we had ending 12/20/2019 for each of us, and also the pay period ending 02/14/2020 for each of us, and one exemplar health insurance payment receipt. Then, because I did that at the office, when I got home I had an email from a CPA who happens to be a client, just making sure I DID know about the PPP. I called him and told him I did, and where I was in the process. Most of his clients were with antoher big bank, but he'd been emailed (being a CPA gets him more stuff I suppose) a flyer prepared by B. of A. for the PPP app implementation. What they seem to "actually" want is the payroll processor's records for the year-end 2019 (or maybe for the entire year) AND the payroll tax records for the same period. Having no idea at all where that stuff is as it's not my "type of thing," I called my own CPA, who told me that I can get pretty much any report I might need out of the records portion of Quickbooks, once logged-in. Also, the payroll records was something I could get as a report from the website where Stacia & that processor interact each week. So, whew! Getting more complicated than originally presented. I'll probably jinx myself, but here goes: "It should be a simple matter to get the first 8 weeks' worth of funds forgiven, as if it's deposited into my operating account, from wehere my office's bills are paid electronically, all I should have to present is the bank account statement at the end as it will have all the information right there." I guess we shall see.
Fun,fun,fun as my son was predicting, Take the apps was hard enough. Now what??? Best wishes John! Be patient. It was a forced roll out by our gubment on commercial banks who told them they were not prepared. I hope in the end that you, and those like you are successful. Me, I like the independently wealthy method!
I'd prefer the independently wealthy protocol better, myself. Our personal problem is that we're about 10 years behind the curve, so to speak, because of the big-illness right after being licensed. So, now, while I'm digging in and getting educated on the 2nd career of real estate investment, I'm still a "S" in "Rich Dad's" quadrant analysis... trying to start sliding laterally into the "I" quadrant.
