#PPP UPDATE 1/7:
As of 2:30pm yesterday we had:
=Over 480000 #PPPloans made
=Over $124 billion approved
=Covers an estimated 12 million jobs
Despite early challenges over 35% of funds have been committed in first 5 days.
Why we need more 💴 for PPP ASAP
#PPP UPDATE 2/7:
Status of issues still being reported in the media.
Banks Only Lending To Existing Customers:Treasury released non-bank lender application to approve new non-bank lenders into PPP. Will allow businesses without existing customer relationships to access PPP
#PPP UPDATE 3/7:
Lender Liquidity:
-@federalreserve announced further details for its lending facility to create a secondary market for #PPPloans on Thursday
-@FDICgov relaxed regulations on banks’ leverage ratio for all PPP loans on Thursday.
#PPP UPDATE 4/7:
Lenders Need Forms To Close & Disburse Funds:
-Treasury released updated FAQ document that allows lenders to use their own note or an SBA promissory note to close & disburse funds.
-In addition SBA developing a standard note but needs OMB approval.
#PPP UPDATE 5/7:
We Need More Lenders:
-Over 400 new bank lenders have been approved
-A number of previous SBA lenders have been reinstated
-Non-SBA lender portal up & running since Wednesday
-Treasury is now accepting applications for non-bank lenders such as FinTechs
#PPP UPDATE 6/7:
SBA Technology Is Too Slow:
-E-Tran slower at peak volume times but has NOT crashed
-SBA continues to add more server capacity to E-Tran
-SBA providing help to new lenders unfamiliar with E-Tran
-SBA assisting lenders who have own internal IT problems
#PPP UPDATE 7/7:
When will #SmallBusiness Get The Money:
-Lenders were waiting for guidance on loan authorization,note & closing process to release funds
-Treasury provided that guidance Wednesday
-Lenders no have 10 days after approval to disburse the money
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