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.
WE NEED HELP FROM OUR LEADERS – NOT DOOM AND GLOOM