We business people might not get our PPP
- Thread starter Guard Dad
- Start date
I hate hearing that about SunTrust as my brother works for Truist, the new bank name from the merger. I forget exactly what he told me about the PPP but he did mention they issued more of those loans than any other bank once the program went into place. Sounds to me like he is proud of that but it still does not answer why they did not approve GD. Smaller banks know the pulse of America better I think and seem to be a bit more sympathetic than the big public stock owned banks. I am glad you got approved from someone though and I hope and pray your business survives this whole ordeal.
I have not heard of a single PPP coming out of Suntrust. As for big banks in general...there's some pretty good evidence that they favored their big customers and hung us little guys out to dry. A class action suit has already been filed against Wells Fargo and more suits are said to be in the works.
My accountant told me that our of over 100 of his clients that applied for the PPP with big banks, only one has gotten it.
Back on Suntrust...the thing that frustrated me the most was that no one could tel me anything specific to my application. They had a special email address set up, but all we got back was generic "We're working hard blag blah blah". I thought I had some movement when I checked the dashboard this past Sunday and there was a status bar showing "under review". Then I found out that this probably didn't mean anything, they added the status bar because people were pitching a fit from not knowing anything.
The last think that pissed me off was that I called a contact at the branch, and while not even he could tell me anything specific to my application, he said that part of the problem was that with so many banks getting into the SBA at the same time, they kept crashing the SBA's server. Yet this small bank got our's and a friend of mine's application approved in about an hour and a half. So someone isn't being truthful.
I'm just glad it's approved and I'll feel better still when the funding hits my account.
The two banks are still retaining their old names for awhile as they transition things. EX: "Suntrust now Truist". Even on their PPP portal, you had to indicate whether your account is with Suntrust or BB&T.
