How The Big Banks are Working the System at Your Expense
Politically connected businesses got theirs, you get count on that
as i posted on the stimulus thread...Hancock Whitney took care of the larger accounts first. A company moving 10-20mm annually thru the bank vs 1-2mm annually go theirs and the 1-2mm got a "sorry PPP out of money" reply.
They went right to the larger commercial accounts to satisfy them and retain their business.
The smaller guys got nothing but " hey we need more documentation" - Client in Belle Chasse was asked EVERY DAY for 10 days for a new document. 10 straight days of thinking complete only to be asked for another document the following day. Delay delay til finally - oops out of $$$.
Our company applied- we compiled and submitted 211 pages of documents. No go.
Its actually quite simple...this was fraught with abuse ability from outset. It had zero oversight and no ability to reach the small mom n pops as intended. This was a simple cash grab for businesses that said " oh look free $$$"
And make no mistake. a 1% loan with first 6 mo payments deferred is NOT A PENALTY ( but the Fed Govt says it is ) lolol
its the difference between the haves and have nots. System is designed this way. Just as the market is.
IF you were around post Katrina, this should have come as NO SURPRISE.