Thread by @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