Quote:
Originally Posted by 2000cs
If you intend to apply, you should do that through your existing bank relationships if they are SBA participants. This is because of the “Know your customer” requirements in banking these days - likely already established with your existing bank but a bit of extra effort and paperwork with a new bank relationship.
I was told that applications were trending toward $1T on Friday. This program will be oversubscribed. There is a question as to whether the SBA can enlarge it or if legislation will be needed. If this all is true, no idea how SBA and banks will allocate among applicants.
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Where did you hear the $1T? As of this morning, BOA is up to 177k applications for $32.6B and WF capped its lending under the program at $10B, which it has reached in applications, but that’s far away from $1T or even the total earmarked for the program. Many other lenders are lagging because they aren’t ready for it. Very little has been disbursed so far. Also, not everyone who applies will be eligible for the full amount they applied to borrow.
I heard Rubio on CNBC this morning saying if the program is oversubscribed the President will go back to Congress to request more money. Theoretically, more people working means less unemployment benefit payments. Personally, I think it would be politically difficult for either party to say or imply they prefer people losing their jobs and paying them unemployment to supporting job retention.