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NE Iowa | Maybe I don't realize how good I've got it, but my banker pretty much knows these rules inside and out dating back to when this was first rolled out a year ago. From the numerous PPP discussions on here, I would be suspicious of feedback you get from AgTalk folks, as very very few on here actually know the rules or represent a financial institution making the loans. It appears different bankers have interpreted the rules differently, so what is important is that you play nice with whateve banker you use so they will be beside you in the event of any issues. Remember, they are the ones loaning you the money, not the govt. If your banker doesn't know the details, I would find someone who does. Don't hesitate to use a banker you don't currently use - they are getting paid pretty well for their role in all this and should be very willing to take on a new client. I think they are getting 5% of the loan amount (so $1000 per $20K loan). That is very good pay for what they are having to do. And if our new fearless leader in D.C. changes this up and removes the forgiveness part, you still have a 1% loan - pretty cheap money no matter how you look at it. | |
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ppp loan
