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Second round of funding starts tomorrow, April 27. Keeping fingers crossed.
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Blogger at Physician Finance Basics -
Public companies filing 8K’s
Some way over the 500 employee limit (in total).
10 have returned. More will also I assume.
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Hotel and restaurant businesses exempt from the 500 employee limit, as long as any one location doesn’t have >500Comment
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That's only 0.24% of the total money. I'll be honest, I figured it would be much higher than that.Originally posted by Tim View PostComment
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I’m holding my breath today to see if our group gets any of this PPP money....Comment
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LOL the Los Angeles Lakers got a PPP loanComment
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I know every business is eligible to apply. But the fact that some of them even did... I'm also looking at you Ivy League Universities...$1 saved = >$1 earned. ✓Comment
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for those not already angry enough
Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid
At JPMorgan, the two-tiered system was in place as soon as the S.B.A. began accepting applications. When the Treasury Department released guidance to banks just hours before the program opened, leaders of Chase’s retail bank hosted a nationwide conference call to provide workers with directions on how to handle customers, according to two employees of the retail bank.
Chase employees were already getting calls and emails from longstanding customers, who thought that their relationships with branch managers and bankers would get them some personal help. On the call, the bank’s leaders told branch employees who normally dealt with customers not to get involved in the application process. If business owners called to ask about their applications — even if they were well-known customers — employees were to tell them not to worry, that their applications were in a queue and would be processed as quickly as possible.
I have mixed feelings about this. These large banks are publicly owned and it's understandable they may seek to maximize return to their shareholders, at the expense of small business owners getting shut out, because that is the incentive system that the government built into the PPP program. Let's hope many more small businesses with real need can get funded soon.
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Is the problem that personalized service was given? Or is the problem that the funding wasn’t available? Major customers get special treatment in every business. Some of us stand in line and some get special treatment.Originally posted by jacoavlu View Postfor those not already angry enough
Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid
At JPMorgan, the two-tiered system was in place as soon as the S.B.A. began accepting applications. When the Treasury Department released guidance to banks just hours before the program opened, leaders of Chase’s retail bank hosted a nationwide conference call to provide workers with directions on how to handle customers, according to two employees of the retail bank.
Chase employees were already getting calls and emails from longstanding customers, who thought that their relationships with branch managers and bankers would get them some personal help. On the call, the bank’s leaders told branch employees who normally dealt with customers not to get involved in the application process. If business owners called to ask about their applications — even if they were well-known customers — employees were to tell them not to worry, that their applications were in a queue and would be processed as quickly as possible.
I have mixed feelings about this. These large banks are publicly owned and it's understandable they may seek to maximize return to their shareholders, at the expense of small business owners getting shut out, because that is the incentive system that the government built into the PPP program. Let's hope many more small businesses with real need can get funded soon.
Retail, Private Client, HNW customers get different levels of service. No surprise there.Comment
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You just never know how far your $40.9B endowment will last in this economy. That extra $9M could really give you some cushion.Originally posted by Cubicle View PostComment
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Like I said, I have mixed feelings and don't share the outrage.Originally posted by Tim View Post
I think it's fair criticism that many of these banks poorly communicated, or didn't communicate at all, with lots of smaller customers, who may have went elsewhere for funding had they known their bank was doing nothing.Comment
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It's a problem if banks are providing VIP access to money they are not putting up. They are merely gatekeepers to a club they don't own with very limited seating.Originally posted by Tim View Post
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You seem to insinuate customer service should be equal. It is not. If I want a personal loan, different customers get different treatment. One walks in and is told to take a seat. Eventually a “banker” asks “How can I help you?”.Originally posted by zlandar View Post
The other tells his “assistant”, tell Richard I need $2m on Tuesday. I’ll get you the wire instructions on Monday. Have him call my cell if he needs anything from me. Take care of it I am flying to the ranch. Or finance it with a piece of equipment or whatever.
Face it, it happens in healthcare as well. A pro athlete will get X-rays at an ED at a scheduled time and be expected. In and out with the results sent to the team doctor as a courtesy. That athlete doesn’t sit in the ER for hours. Oh yes, your hospital is the “team doctor “ for the home team.
Tons of ads and marketing is devoted to that association.
Sometimes special services are provided. I doubt there was an intent to be the gate keeper and deny loans, some just didn’t have to wait in line.
My point, it wasn’t the waiting in line, it was the hold up of the funding initially and in the known need for a second round. Lines were long, some didn’t have to wait in line.
Has nothing to do with not owning the club. Focused on service was the banks goal. Is that a ethical focus? Just a different way.
Personally, I used “connections” to get a surgery scheduled for MIL. All booked up for 30 days. Got her wrist operated on the next day. The doc trained in fellowship with the attending that trained him 10 years ago. Text said “call me”, added to the schedule. With thousands of customers and huge demand, prioritizing applications was intended to provide services to the banks customers. They are a service business.
Trash their priorities. That’s okay. Valid point is should they have given “wait times”. How would they know? If funds would have been available, there would have been no gate. Just a waiting line.Comment
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