Despite early applications and full financial documentation (sometimes submitted within hours of portals opening), some banks, who will remain nameless for now, dropped the ball and did not timely process PPP applications on behalf of scores of small businesses who had been loyal customers for years. I am one of these such businesses in Tampa Bay, Florida.
So I’m beginning to ask myself, what did these banks who failed their customers have to gain – while they strung the little guys along? If I had known my application would sit untouched for two weeks, I could have gone elsewhere, I have several banking relationships. But I chose to stay with the one application I filed with my primary banker. I counted on that bank. I was let down. Many more share my story.
I will soon have to draw down my line of credit at approximately 8% interest. That money goes to my bank – those funds will help their bottom line. These banks have profited by “dropping the ball”. Many small businesses will fail. Local businesses. Mom and pops. Despite filing an early application with a trusted banker.
Florida has laws that protect against this type of bad conduct if we were deceived in trusting our bank to timely process our applications in the order in which they were received. FOIA requests to the SBA should be enlightening.
Was this negligence? Was it an unfair and deceptive trade practice act? Bait and switch?
I am unhappy.