1/ The new guidance is certainly helpful to banks in that it conveys they can rely on affiliation self certifications by applicants, and can do only a good faith review of borrower payroll calculations. The latter has some gray area however on what good faith and material is.
2/ This does help however in mitigating some of the general fear in banking industry of losing govt backing on loans where there is a mistake to be found after the fact on a funded loan.
3/For startups, it does say that waiver of certain protective provisions, if done irrevocably, would remove the affiliation from the VC in question. Whether ppl do or not to get access to what could amount to loan that could only give 4-6 weeks of runway is separate issue.
4/It's becoming pretty clear that the first-come first-serve guidance was not the greatest communication. small amount has been processed 3 days in, primarily because lack of banks participating fully (or limited as in WFB case). Also govt system was done, not helping.
5/ Govt. system was *down*.
@trevorloy is doing a great job in finding lenders that will take existing and new clients
@JeffFarrah and @nvca are putting out awesome VC startup content
@EdGrapeNutZimm has provided great lens from legal view.
This will evolve, and more $ likely
@trevorloy is doing a great job in finding lenders that will take existing and new clients
@JeffFarrah and @nvca are putting out awesome VC startup content
@EdGrapeNutZimm has provided great lens from legal view.
This will evolve, and more $ likely
