There is not a current pathway for a majority of #SmallBusiness to receive a #PPPloan. Here are some key points: 🧵 below
1. Banks have limited giving #PPPloans to businesses with current SBA lending relationship. Basically, the banks WANT to give money, but the risk/restrictions of the SBA do not make it feasible.
2. I have had multiple banks call us ( @HoustonBarnes) trying to see if there were any SBA lenders taking new clients... no one has heard of any. Yes, even the bankers don't know who can help their current clients.
3. The bankers/ lenders believe that we are a few weeks away from there being a system whereby the average #smallbusiness will be able to even apply to participate in the #PPPloan program. We need action taken quickly so we can shorten this time.
4. At this point #SmallBusiness should work with their banks where they have a checking account & know that this is going to be a slow process.
5. This will not improve until (a) congress allocates more money (b) the program is administered whereby the banks are processing the loans, but they are being funded by the government, thereby alleviating any liquidity issues (they need to become "Table-Loans")
6. So, twitter you know what to do -- call your Member of Congress and both Senators to advocate for the 👆so we can more $$ and quickly into the largest employer in America: SMALL BUSINESSES!
You can follow @bricebarnes.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled: