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Payroll Protection Program Loan (PPPL) is supposed to be rolled out today, and it's been false start so far. Two banks that I'm working with don't have anything

Payroll Protection Program Loan (PPPL) is supposed to be rolled out today, and it's been false start so far. Two banks that I'm working with don't have anything up and running and claim SBA did not provide enough guidelines (technically not true). See links below for more information: https://www.forbes.com/sites/sarahhansen/2020/04/02/small-business-administration-releases-guidelines-for-stimulus-loans-hours-before-planned-launch-banks-arent-ready/ https://www.forbes.com/sites/sarahhansen/2020/04/02/small-bu... https://www.cnbc.com/2020/04/02/jpmorgan-says-its-not-ready-for-small-business-loan-applications-as-banks-await-treasury-guidance.html https://www.cnbc.com/2020/04/02/jpmorgan-says-its-not-ready-...

gamblor956 7y ago
The SBA definitely did not provide enough guidelines to banks. I work in-house now and we've been working with a bank to get an SBA loan for our company. We're in the fortunate position of being a good risk so we passed that part of the process, but are currently stuck in limbo, because the SBA failed to provide enough information to banks about how to actually enter a loan into the program once the applicant has passed the standard KYC/risk-assessment process.