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troph last won the day on April 19 2019

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  1. and other small banks are done with client approvals and asking for guarantees this morning and afternoon.
  2. that and as brew stated, no incentive to tie up capital here. small org fees yes, but 1%? they want forgivable loans and liquidity for current customers. it's a pain in the ass. my banker has been working lawyer hours or CPA in tax season hours. but he feels a moral obligation to his customers well because he tells them he's here for them - one of those relationship banks. ha. most of them are not that, he's telling me he has to step up or he's been lying. most banks don't really want this.
  3. https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf application revised this morning. no substantive change (added EIDL and some additional check boxes). get on it....
  4. rules out open tomorrow first come, first serve documentation required is pretty lean (good) contractors not included in payroll count for the loan amount forgiveness further limited by a 25% max on non-payroll expenses allowed for forgiveness 1% rate 2 year term 6 months no payments, interest accrues apply tomorrow (uh yesterday or today) or be at risk
  5. the consensus among my in the trenches cohort is this is a circus.
  6. we have a distribution company and have opened a new sales channel that is keeping us afloat. didn't have the manpower to do that previously now it's all we have. we are building that with an eye toward staffing it later when "the lights come back on" so it acts as a real boost to the bottom line but for now it's not growth we are still in the toilet on revenue. sales goals at 5% of prior totals on a monthly basis. so I don't know if that counts as growth but it hopefully will be then.
  7. Money is fungible. This shouldn’t matter as long as you have the eligible expenses, receive the money and spend any money on those expenses. I’ve seen no evidence of hyper-tracing of funds required. I’m with brew on this.
  8. That’s pretty funny. I had a banker mansplain to me the law for 20 mins uninterrupted with my client on the phone. I was reading the senate bill over a week ago, and we’ve been building models with our clients to manage the forgiveness piece and layoffs or reductions in pay on this since the senate passed it. Banker today was telling us how little was really known, not a lot of answers. He was full of shit. They won’t be ready to take apps until Monday at the earliest. Needless to say our client bailed on that bank.
  9. I’m with you, 20 years nothing like this. We moved 3-4 clients to new banks. All of ours were in good relationships too. We didn’t do your volume but we probably worked with clients on 20-25 deals and probably ended up over $10m. A couple more tomorrow and then I’m going to collapse into the weekend. 6:30a-11p or midnight the last two nights. I gave that kinda work schedule up a decade ago.
  10. That’s good analysis. I’ve got one more client to place. We are closing our window for heavy involvement this week unless an existing client, but I don’t expect any, we pushed hard starting when the senate dems and republicans started talking, same deal no new clients. By end of next week I think the good pickings are gone. Maybe I’m wrong.
  11. I know folks who applied weeks ago still nothing. It’s not well funded for this.
  12. Crazy day. We ended up with about 20-25 applications in today. I made a few introductions but bank switching is hard. I had to call in favors to an extent. Crazy how the banks are different but they are coming around to a customer centric get it done approach. I’ve still got laggards for banks (clients begging for intros to easy deals (not easy banks)) and some banks acting like it’s a standard loan. I’m not going to name names but a prominent bank just blew it on a call today. If that guy was really on script one of the highly reputable banks out there is just bombing this completely. Some others still wanting to do full underwriting. Come on. The feds are saying get this money out there now. Their own application is a complete joke. Read the messages. Someone earlier told me it would be easy, the statute said so. They were right it’s supposed to be. In the end though it’s like a baseball game. We know there are balls and strikes but you don’t know if a pitch is a ball or strike until the ump calls it. Your bank is the ump here. Hope you picked a good bank when the times were good.
  13. Same. Not one single one. We have one very aggressive litigation firm looking at a few policies on a short short leash and I told the clients to expect a bad answer. That said there may be a bust through on these I dunno and if so it will be the plaintiffs bar on massive contingencies for a class action or something.
  14. congress will refund. if they don't we are talking bread lines level depression. we will have ours and our clients in by friday though.
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