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They are definitely favorable conditions, you get the loan at 1% interest and are eligible for forgiveness of up to 100% of the loan if you use it on certain ty
by latortuga 6y ago
They are definitely favorable conditions, you get the loan at 1% interest and are eligible for forgiveness of up to 100% of the loan if you use it on certain types of expenses. Also, payments are deferred until after the initial period is up (June 30th). Overall a very positive program.
By making the funds loans, they also were able to quickly disburse them by using the existing legions of SBA lenders.
- dariusj18 6y agoThough getting a loan through a big bank was neigh impossible. My fiancée's company banks with Wells Fargo and they didn't even get the application (after applying to get an application) until the first round of funds were gone. Thankfully they then applied with several smaller banks and was able to get one from with the new funding.
- latortuga 6y agoI think that unfortunately this heavily depended on your bank. Wells Fargo really dropped the ball, but Bank of America was one of the first banks to accept applications and therefore disburse money. We used a regional bank whom we had an existing relationship with and it went pretty smoothly, better than if we had tried with WF.
- icelancer 6y ago>> Wells Fargo really dropped the ball This implies that they screwed up and they might deserve forgiveness. They had no intention of lending PPP funds except for large preferred accounts they wanted to help.