
U.S. Senators demand small business loan data from SBA and Treasury [pdf] - daegloe
https://www.sbc.senate.gov/public/_cache/files/d/8/d8e32c58-d0c9-4bd2-a022-188680dc80e9/0EF809C9847CBF95A71D3ECBECD5DF8F.newdataletter417.pdf
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edsimpson
Would love to see this data as well. We applied within 15 minutes of our bank,
First Republic, opening up applications on April 3rd. Yesterday we got a
notification they were unable to submit it before funds ran out and now I have
to go in Monday and lay off employees. Horrible experience and terrible
customer service from First Republic. I guess since we are a startup they
prioritized other businesses.

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bleah1000
While your bank may have screwed up, it's also possible that you were further
down the list than you know. And while it sucks if your bank prioritized other
people ahead of you, it might be that they had valid reasons, even if it hurt
you. Another possibility is that the larger banks were able to process
applications faster and they got their loan money first so you bank just
didn't have the funds for more than a few people.

Now if you want to complain, how about complaining to your congress person and
asking them why the sba isn't getting more funds. Presumably, if it looks like
the program will get more money, it might be worth asking your bank how far
down the list you are, so you'll know if you make it in the next round. And it
will suck to lay people off on Monday, but if you have a good feel for when
the program will get more money, and when you might expect it, maybe you might
be able to get your employees back sooner.

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_curious_
AFAIK banks can discriminate based on their internal judgements about who to
approve and for how much.

Given that, it should come as no surprise to anyone in America that they
prioritized funding for business customers deemed of greatest value to them.

Random question, but can a pre-revenue company qualify for this type of
bailout?

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rrggrr
Application #300-something at PNC bank. Informed today they ran out of money
and cannot make loan. We will survive this - hopefully - and I will close my
PNC accounts. There's. That's more consequence than I can deliver to China
whose output I cannot do business without, and who is far more responsible for
this mess.

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grayed-down
This is a pretty rich request from this particular gang of signatories. I'm
sure if Trump was a D they'd be nowhere near a request like this. But to their
credit, it would be good to know these figures and the timing of applications
and dispersals.

