Thread: With a due respect Mr. President, the SBA Payroll Protection Program rollout was only “smooth” if you expected a complete mess. Banks are confused, applicants are confused and a lot of ppl are working off bad information

I woke up this morning with a lengthy text from a local small business owner who left @BankofAmerica yesterday believing he was ineligible for the guaranteed loan because he doesn’t have a current line of credit with the bank. This is because...

Banks were told to make KYC (know you’re customer) priority: meaning they were advised to lend to current customers first... in order to speed up that process some banks like BOA took it upon themselves to not only LEND to customers with lines of credit first, but

To NOT ALLOW even their customers to apply if they didn’t have a line of credit. There is currently finite amount of money and the gov’t has no idea (verified) how much money will be qualified to lend. So first come first serve ABSOLUTELY matters.

Banks have to make common sense decision, they’re lending to People with existing lines of credit to eliminate some of the added paperwork eith a flood of folks hitting their doors yesterday morning. However, without any coordinated messaging on this with @stevenmnuchin1

.. or administration, a lot of Americans who absolutely qualify for this program were left confused on why they weren’t allowed to apply with their bank. If some of those ppl lay off workers this weekend because of bad info then the program isn’t working l.