Invocation: Supreme Leader Ellis
Flag Salute: Ken Secor
Song: "We don't need no stinking song"
Greeter: Jim Damian and the 12 or so early signons.
Roving Mics: The Gatekeeper, Jim Damian
ON THIS DAY:
On this day Charles Lindburg flew the first non-stop transatlantic flight, and boy were his arms tired!
Spoke editor profile:
Justin Leland
Justin Leland, CFP®, AIF® is a registered representative, fiduciary Financial Advisor, a CERTIFIED FINANCIAL PLANNER™ PROFESSIONAL – CFP®, an Accredited Investment Fiduciary, AIF®, a co-host on the Moneywise Guys Radio Show + Podcast and an Eagle Scout.
Guests:
Jake Shirley was invited by president Garro to discuss his organization, Love Water. Jake discussed the origin story and why the organization exists, which is to provide safe, clean drinking water to communities where access simply does not exist. At the end of Jake's quick talk, Premier Garro announced that the Rotary Club of Bakersfield was presenting Love Water with a $4500 donation to their organization. Somehow, through the magic of the internet, and some scrambling of electrons, Jake had a physical check in his hand after the handoff. Weird.
Good News:
Mark Barnes: Businesses are able to reopen in limited capacities, we should be able to go back to work shortly.
Pat Collins found Amelia Earhart's plane in the green screen behind him.
Winn and Norma Eaton's 42 wedding anniversary today, maybe they can order some good takeout?
President Garro announced that today is this Spoke Editor's 11th Rotary Anniversary.
Program:
Matt Damian, the slightly less cool, but infinitely more interesting brother of our Sergeant at Arms, Jim Damian, gave us an update on all things PPP. Matt is the Senior VP at Tri Counties Bank, and he discussed the trials and tribulations of administering and awarding PPP loans to their many business customers. One of the first things that the bank did was to begin offering deferments to their existing clients through either a 60 or 90 day holiday on loan payments. They also offered for some to pay in an interest only fashion prior to the PPP being passed into law.
The first action that was taken was for each and every business customer of the bank to be reached and talk to about their situation and finding out exactly how the bank could help. The bank made the decision to be of assistance first, profits were pushed to the back burner. The bank felt that if they weren't able to assist their clients through this situation, they wouldn't have any clients after the "all clear", and there would be no profits to be had.
SBA typically processes about $25B in loans annually. Through only the first phase of PPP, the SBA processed $349B in two weeks, a 30,000% increase. Initially, there was a lack of direction and process, with a lot of misinformation in the market. At Tri Counties Bank, over 35% of the staff was assigned to working on PPP loans full time. There were times when the process felt like they were, "building a plane while flying it". Matt estimates that the SBA, and how it operates, will never be the same after this crisis whether for good or for bad.
Three things Matt has learned from this SBA/PPP process?
- Communication is essential, and proactive communication is much better.
- Big Banks and Small Banks both performed very well in this crazy situation.
- You bank with a person first, and your bank second.
.jpg){kind=logo}
