PPP loan article from WaPo

[vasc]

I thought of you when I read this k3am


www.washingtonpost.com/business/2020/04/22/small-town-banks-scrambled-provide-federal-loans-outpacing-national-lenders/

[mae0111]

DH works with a small local bank for his business and they've been amazing through this process. He applied too late for the first round, but he's confident that the bank will do what they can to get him in to the next round (if it passes).

[k3am]

mae0111, I have no clue how many people will get through. Our management's guess is that we blow through all the additional funds in a day, maybe two.

BofA and Wells both have class action lawsuits filed against them for how they handled the PPP applications.

I honestly couldn't tell you how we compare. How/what the bank is doing has trickled down to me from my boss in the form of really shitty guidance and instructions. I talked to one of the folks in upper management I'm close with and she was shocked.

[mae0111]

k3am - to be clear, DH is NOT confident that he will get money, just that the little local bank will do what they can for him. They’ve been so helpful with everything so far, much better than Bof A that handles his personal account. I have a different national bank that has been fine, and the local place isn’t great for everyday things like ATM fees, but my business account is with the local bank as well.

[k3am]

mae0111, it's a pro/con relationship with small banks. My sell is always that my clients never have to call a 1800 number. They can always call and get a live person, usually the same live person, and that person will know them. I usually don't tell people that we don't invest much in technology, we do everything manually, and things that are easy peasy elsewhere are a lot more work here (for me and for the client).

[mae0111]

k3am - oh I get it. I worked at a huge asset manager that was tied to a huge custody bank. And while some tech options were advanced, I spent a lot of time trying to push through simple Tech solutions for simple problems that seemed to be easily solved elsewhere. And the red tape was unreal. Toward the end, everything needed EVP approval... but EVPs never responded to requests. At one point I had to personally guarantee that there wouldn’t be any sort of force majeure that could derail a project. Yep. Ok. I guarantee it. I control the weather and all things. SIGN.

Grass is always greener, I suppose. One of my friends left our place a few months after I did, went to another bank. A month in, I asked how she liked it. Her response was something along the lines of not understanding how her coworkers stayed out if jail. 👍