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#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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Stephanie Ruhle
@SRuhle
UPDATE:

Bank America & Chase are both accepting applications. Wells Fargo is not up yet.

There's Twitter rage from applicants getting turned away from Bank of America.

Chase says this is just the 1st step & they hope to have a better application process over the weekend.
BUT the anger at Bank America and others who will likely turn down applicants is not the fault of the banks.

Secretary Mnuchin was not correct yesterday when he said to call any FDIC insured bank.
Banks are HIGHLY REGULATED.
The restrictions & penalties around violating Know Your Client & Anti Money Laundering Rules are ENORMOUS.

And the punishment is backward looking.
These banks cannot just jam anyone and anything through.
Read 4 tweets
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Stephanie Ruhle
@SRuhle
The $2T stimulus package isn’t law yet, but we know what we can expect.

As the bill stands now, individuals making up to $75,000 a year would receive checks for $1,200 - with an additional $500 per child.
The payments would progressively decrease for those making more than $75,000, with an income cap of $99,000 for individuals.
It’s not 100% clear when the checks would go out — the House still needs to pass the measure. But, it’s expected that the checks would start to go out within 3 weeks of the president singing the bill, according to @stevenmnuchin1
Read 8 tweets
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Stephanie Ruhle
@SRuhle
CONSIDER THE FOLLOWING THREAD:
-Small Businesses are not just mom & pop corner stores.
-Small Business is the vast majority of employment in the United States (67%)
-They do not have the liquidity to survive a 2-3% economic shut down.
- Rent & debt payments come due April 1
👇
2/
 - Businesses will have to decide whether to pay or default THIS WEEK
- If lenders & landlords do not give forbearance, these business will be forced to file for bankruptcy
- This will trigger the largest wave of bankruptcy filings & job layoffs in HISTORY
👇
3/
 - Result will be a flooding of the courts & further loss of confidence in the economic recovery
- Debt & equity markets will crash as a result of the overwhelming loss of jobs & impact of defaults on mortgage backed securities & collateralized loan obligations.
👇
Read 7 tweets

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Marco Rubio
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ATTENTION Lenders, #SmallBusiness & media interested in #Ppploans. The following 13 part thread outlines many of the impediments we saw on day one of the program & how they can/will be fixed.

I apologize for the length of the thread but important details below. 1/13
Day one saw complications you would expect with unprecedented $349 BILLION emergency plan passed just 7 days ago

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