P. P. Loans, Steve discussed on Bob Sirott


I want to begin our conversation this morning, focusing in on something that I know a lot of people are paying close attention to, especially business owners. And that's the next round of these p P. P. Loans that are kicking off talk to us a little bit about associate ID bank's involvement in this round and the overall impact and importance of this program for business owners. Absolutely. Yeah. I mean, the first time that we went through this our bank made over 8000 loans. And while this time we expected to be a lot less given the criteria and who really needs it, and we think it's gonna be a really successful program as well. We opened up yesterday. Like other midsize lenders, as we were allowed to do. And we've already put a couple of 100 loans through to the SP A just in 24 hours. So with the new criteria for this time and having to prove that you had 25% reduction and sales in any given quarter, it's really hitting some clients that you need it and that deserve it. And so We're happy that even though we expect lower Valium, we're happy that it's getting to these clients. Yeah, part of that was to focus in on some of the small businesses specifically. Talk to us a little bit about the impact on those businesses and how bad some of them have been hurting. You know, we talked about before. The nice thing about the businesses that we work with is that even the ones that are really impacted? Started with strong balance sheets and strong liquidity. So while they're surviving, they are hurting and you know the small businesses. Not only are they feeling the impact on the top line, which is whether judgment but even is that comes back there having issues getting people to come and help process new revenue for them. So this money can not only, you know, augment of the lower sales, but I also believe, really help them attain and you know, hopefully generate some Some interest in joining their company with jobs as well. There is a little bit of a correction to go with this round of P P p as well talk to us a little bit about what's being corrected here. The errors that are being repaired. Well, the air and I think that this one with the criteria that they have on having to prove that you had lower than 25% revenues, it really will target the companies that need it. You know, last time there was so much uncertainty and every company could say that they were impacted because they didn't really know. This time we know who was really impacted and it has to be proven out. So I think that this will make sure that not that other companies didn't deserve it the first time, but this will make sure that the money gets to the most deserving companies. Yeah, talk to us a little bit about the process. So in a little bit more detail, and for some businesses that have not had to go through this Is it a hard thing to do, Or is it pretty easy to get through on this? Well between that what the s p A. Has learned and done. And what? Our bank You know, I can only talk about ours in particular has built this time is so much easier than last time. There was so much uncertainty last time on how to do it. What did you would the money run out? That it was a mad scramble, and it was done very, very manually. This is way more automated as it mentioned. I personally took a couple clients through yesterday, and it was a very, very seamless process and, you know, saved a couple days and saved a lot of heartache on on both sides. The outlook in terms of the Corona virus pandemic appears to be improving. No numbers have been going down in recent weeks, and we've got the vaccination process underway. If all of that continues to go as planned, it looks like full steam ahead and leased the horizon. Looks clear. What could possibly be the roadblocks thrown in the way? Well, Steve, I think you know, we all hope that what you just said. It is true, but I think you know, just talking to neighbors talking to friends and then talking to business owners. There's definitely going to be a percentage of people. That are still waiting, See and are going to be slower..

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