No one is HELPING OUR Businesses

Doom and gloom, 24×7 Yet not a single word about how we can recover. REMEMBER politicians and all making these decisions have a GUARANTEED SALARY – DO WE?

The Payroll Protection Program – all banks cannot handle – either crashes, no longer taking applications or we have to wait – look at this scenario from a local bank its typical:

  • 1.       Client enrolls via portal.  Once an application is submitted and received, a loan application number is emailed to the client.  
  • 2.       A lender will review the application for accuracy and validate it. 
  • 3.       Reviewer of the application will contact client if there are issues
  • 4.       Once any issues, if any, are resolved, the reviewer will approve it (first of two steps in the process) and will send a completed application via DocuSign to client for signature. 
  • 5.       Client returns the completed and signed (electronically) application to the reviewer.   
  • 6.       Once received, application is then input into the SBA Loan System by the team of loan processors
  • 7.       SBA then reviews the application for approval.
  • 8.       SBA transmits approval and reference code to Signature Bank, earmarking acceptance into the program. This secondary approval is when it is known the loan has been committed.
  • 9.       Upon receipt of the approval from SBA, Signature Bank will send the client a Loan Agreement and Note via DocuSign
  • 10.   Clients review and return Loan Agreement and Note signed electronically.  These notes are standard and will not be subject to negotiation. 
  • 11.   Once accepted, the loan is booked and funded within 10 days of SBA approval

The $75,000 SBA loan, you get a loan number but nothing else – dead in the water.


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