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In The Media

Direct Messages from a Banker Working on Submitting PPP Applications

by Larry Chiang on April 27, 2020

Larry Chiang was very resourceful with his 800 FICO score as an undergrad. Prior to launching his 3rd book, “What They Don’t Teach You at Stanford Business School at Harvard Law School, he self funded a business. His topic at HLS was how so many HLS grads work at a firm where the original Name Partner hustled up sales and wrangled clients as rainmakers. In the post Harvard Law School event coverage, Havard Business School’s Harbus wrote: “What They Don’t Teach You at Stanford Business School“. Now, he writes at Harbus and reveals banking secrets and helps small businesses duck bankruptcy

Larry ChiangPALO ALTO, Calif.

By Larry Chiang

Trevor Loy (@trevorloy)
FYI, update in DMs from a banker working on submitting PPP apps:

* All lenders capped at $25B each

* Each lender can submit one bulk XML file tonight, which presumably is what SBA will start with tomorrow am

* After XML file, submissions via API will be limited to 350/hour/lender

John R Fuisz (@jrfuisz)
⁦‪@trevorloy‬⁩ Citi isn’t processing PPP if you were not in business prior to 1/2019. They require full year payroll or taxes. It is NOT a PPP requirement but a Citi issue. 

Taking bets on whether they offer bait-and-switch loans.


John R Fuisz (@jrfuisz)
⁦‪@trevorloy‬⁩ Less you think I jest – what we got from Citi this morning. The 5th request for docs that do not exist (co formed 4/19). New Citi SBA customers had to apply through Citi and then get the shaft at the end so Citi can give preference to older Citi customers.


Harvard Law School alums, focus on #Ch6

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