2020-04-14 Town Hall Calls on COVID-19 Crisis Pt. 5

Part 5 of Inclusiv's COVID-19 Town Hall Calls on COVID-19 Crisis webinar featured David Hincapie, SBA Business Development Specialist explaining the most recent details about CARES Act programs; PPP, EIDL and SBA Express Bridge loans.

Highlights include:

• There is a major bottleneck of of lenders trying to apply for the PPP
• Some business owners are running into this issue: Their bank is not an SBA lender and does not want to enroll in the program because they are overwhelmed
• Many of these business cannot apply through other banks because banks are only serving their current customers because they are so overwhelmed; this is not an SBA requirement - the banks are doing this
• As of April 9, there were a half million PPP applications, $30 million in funds approved and the funding is supposed to happen within 10 days of approval
• Since there are so many applications, the SBA cannot yet guarantee a time frame for approval
• The E-Tran lender customer service line is: 833-572-0502
• A local SBA district office cannot help with the E-Tran system, the Office of Capital Access handles customer service

The webinar also featured a panel of leaders from PPP lending credit unions:

• Jack Lawson, President and CEO, Clearwater Credit Union
• Jodi Rathburn-Briggs, SVP and Chief Lending Officer, Greylock Federal Credit Union
• Teri Robinson, President and CEO, Ironworkers USA Federal Credit Union
• John Wilkening, Chief Retail Officer, Notre Dame Federal Credit Union
• All expressed operational challenges and risks with administering PPP loans so quickly with limited guidance during a crisis - but they are all pushing forward out of determination to help their communities.