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Mid-Day PPP update: This is shaping up to be a bigger mess than ever anticipated.

/Thread
1/ Clear guidance from Treasury has been non-existent,&TON of banks will not be able to start processing tomorrow due to this.Even ones that had scrambled to create infrastructure
2/ Because of this lack of clarity, ability to process at scale and meet client demand is impacted.
3/ Suggest everyone start looking for alternatives as quickly possible as I've spoken to many banks that are not in position to process apps starting tomorrow.
4/ IF anyone has any banks that are 100% committed to start processing tomorrow and will take new clients, post here.
5/ & this is not even due to just affiliation concept. This is a fundamental breakdown in creating a clear execution plan that can be operated at scale.
6/ Affiliation concept still a mess. I would suggest startup companies not apply unless 100% clear. Dangerous
7/ I realize that everyone wants clarity&this to operate smoothly,but we are not there. Bankers, Lawyers, etc. are all working with nothing. No guidance yet!
8/Because only a % will be able to do tomorrow, this will be a mess. I wish I had better news, but I don't right now.
9/ The best bets right now are non-bank lenders that can do SBA loans, or banks that have a built in SBA group. Small banks are also good targets.
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More from @Samirkaji see all

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samir kaji
@Samirkaji
Important PPP updates as of this AM:
1/As of late last night, banks have not yet received guidance from SBA. This will include lender application, workflow, and post loan monitoring. Banks could take risks if processes are not followed.
2/I've heard some in market say "well my local CU" is open and processing. They are not. They may have created an online portal, but no one is processing. Also first come, first serve is when SBA receives. This cannot happen until 4/3 at EARLIEST.
3/ Banks when they do start will have online forms, document collection, etc. Per our discussions, credit memos and verification of self certification items will be needed prior to submission to LP. Failures to do this correctly *could* impact loan forgiveness
Read 7 tweets
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samir kaji
@Samirkaji
Over the last few days, our team has had 200+ email and phone inquiries about the CARES act, and specifically around what it means for early stage VC backed startups. A lot of confusion out there, so here is what I know as of now:

/Thread
1/ First, it’s important to differentiate between the Economic Injury Disaster Loan Program (EIDLP) and the Paycheck Protection Program (PPP).
2/The EIDLP is an existing program (7B) under the Small Business Act, where the SBA (not banks) processes applications and make disbursements. There are some modifications to this program under the CARES act.
Read 21 tweets
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samir kaji
@Samirkaji
Venture Fund of Funds have been a great source of capital for venture managers for decades & are often the group that Emerging Managers speak with when raising.

However,it’s important to have visibility into the business model/process/allocation styles.

Some basic thoughts/
1/ The core historical model for most FoF is granting their LP’s entry into hard to access venture managers and providing a level of diversification; as expected, cultivating brand name relationships/access drives commercial viability of a typical FoF raise.
2/ Economics for a pure FoF vehicle is fairly light (i.e. 50bps-1% management fee, and ~5% carry), so AUM growth is important, and with premium access acting as catalyst, the bulk of time will be spent on building and maintaining a book of “franchise” names (some exceptions)
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Stephanie Ruhle
@SRuhle
#PPP UPDATE -
NO LOANS have been fully processed
NO CHECKS have been cut by either of the largest lenders (BAML & CHASE)
Wells Fargo not accepting applications yet
Per Snr @Chase Exec -
“We are all waiting on @SBAgov”
👇
It is a process issue. The SBA does not have the technology in place to go back &forth with lender platforms.
Current process:
- BAML & CHASEnow have same guidelines (BAML slight change from yesterday). Applicant MUST already have small business checking acct since 2/15/2020@👇
- Apply online via the portal
- Banker phone call with applicant
- Bank must manually put the info in the SBA system
- SBA approves
- Bank goes back to applicant to begin executing the loan
**NO LENDER HAS TECH THAT CAN INTERFACE WITH SBA
** NO FIRM TIMELINE/DATE ON $$ GOING OUT
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हठयोगी
@hathyogi1
#Thread on discoveries made in Bharatvarsh but never got the credit

When Europeans came to india, they were shocked to see the surroundings. They saw people are worshiping a tree, worshipping an idol of naked man wearing snakes around his neck. They left puzzled and laughed but,
When they started reading our scriptures, they became stunned and they are still researching on it.

The knowledge of our scriptures are so incredible that it led our ancestors to have many discoveries.

Lets talk about few of them-
1. The value of pi- According to the documented history, the irrationality was proved by Lambert in 1760 but, actually it was our Aryabhatta who worked on pi and proved the irrationality of pi & its value to be 3.1416. He did this in 499 CE at the age of 23 with the help of veda.
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Janmajit Shankar Sinha
@janmajit07
#Thread - 1/8

Impt. facts about #ShaheenBagh Protest:

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The entire protest was pre-planned with a...
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Anthony el Khoury
@khourixx
PPP and Privatization

1/ With discussions turning to #PPP &/or privatization as a magic cure, let’s start by differentiating the terms

PPP is a long-term contract between public (Pu) and private (Pr) sector to provide a public good/service

Privatization = asset sale to Pr
2/ and what’s the difference between both?

If the extent of private participation is to be viewed as a spectrum, privatization lies only at 1 end. It should not be confused with PPP as it is a 1-off sale and not a long-term contract
3/ Why not privatization?

@Mohdfaour89 already excellently explained it. To summarize:

- With no political reform, high chance of benefiting the same people
- Will come at a high discount given the $ need

To add:
- Exchanges a recurring revenue source with a 1-off payment
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The Avigator Gazette
@TheAvigator
#Thread: The World War III that the mainstream media had been screaming that President #Trump is about to start is over and it only lasted for 1 day...
Check out the summary below:

@threadreaderapp
1- Iranian-backed militia fired rockets killing an American soldier and a few American contractors in Iraq.
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Simwal
@Simwal
#Thread
SALAT TIMES AND THE MOVEMENT OF THE SUN
The five daily prayers are an integral part of a Muslim’s life. In order to fulfill our religious obligation, it is important for all Muslims to
know the timings of all the daily prayers.
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