American Banker, Mark Cuban / Jill Castilla / ppp.bank
Archived source: American Banker, Mark Cuban / Jill Castilla / ppp.bank. Captured from www.americanbanker.com.
Cited in: Joe Ehrhardt
Full text
Paycheck Protection Program Mark Cuban, banker Jill Castilla create site to streamline PPP By John Reosti About John reosti1967 john-reosti-55798a3b Published May 28, 2020, 6:18 p.m. EDT | Updated May 29, 2020, 5:38 p.m. EDT 2 Min Read Enjoy complimentary access to top ideas and insights — selected by our editors. Want unlimited access to top ideas and insights? Subscribe Now Jill Castilla at Citizens Bank of Edmond in Oklahoma is again collaborating with entrepreneur Mark Cuban, this time creating a website borrowers can use to prepare applications for Paycheck Protection Program forgiveness. Processing Content The site, ppp.bank, is set to go live Friday afternoon, in time for the first wave of PPP borrowers to submit applications. The Treasury Department and the Small Business Administration, which are administering the program, released the forgiveness application earlier this month and provided more guidance last week. The application is 11 pages long — a fact that some borrowers may be finding daunting. Castilla, Citizens' CEO, said Cuban emailed her last week “after hearing feedback about small businesses intimidated by the process.” Mark Cuban contacted Jill Castilla about creating a PPP forgiveness website after learning that small businesses were intimidated by the process. In March, after a series of conversations and emails with Cuban, a longtime fixture on ABC’s "Shark Tank," Castilla launched an overdraft program to provide access to cash for hard-pressed Citizens customers who were waiting on coronavirus relief checks from the federal government. Discussing the new venture, Castilla called ppp.bank a “collaboration between like-minded individuals” to develop a resource to streamline a “complex” application. The $292 million-asset Citizens worked with Teslar Software, the company that is helping build Citizens’ in-house forgiveness application portal, to design and build the site. TLD Registry Services expedited approval of the domain name. Cuban is providing server capacity. “We’re also advocating for a simplified process,” Castilla said. “We’d prefer the application not be 11 pages.” “The key to me was to make it as friction free as possible for small businesses,” said Cuban on a April episode of the “Banking with Interest” podcast, from Promontory Interfinancial Network, speaking in general about PPP. “Because timing is everything, getting that money to them so they can continue business as usual and retain as many employees as possible, if not all, was critical.” The site is free to use, so there are no “fees or income opportunities” for its organizers, Castilla said. “It’s a service to the small-business community and the nonprofits that received Paycheck Protection loans.” Teslar has agreed to maintain the site and ensure changes to the application process made by Congress or the program's administrators are incorporated quickly. The Paycheck Protection Program was authorized in the $2.2 trillion-asset coronavirus stimulus package Congress passed on March 27. It provides small-business loans that are eligible for forgiveness if the money is spent on personnel expenses and basic operating costs. Under the program's current rules, borrowers seeking forgiveness are expected to deploy their loans within eight weeks of disbursement, a period that ends next week for the earliest borrowers. The House voted Thursday to expand that coverage period to 24 weeks. The Senate could consider the measure as early as next week. The SBA has approved more than 4.4 million Paycheck Protection loans totaling $511 billion. John Reosti Reporter John Reosti is a reporter covering community banks in particular and the financial services industry in general. He also focuses on the Small... Read full bio Paycheck Protection Program Compliance Small business lending SBA Community banking M&A Keweenaw Financial plans to acquire neighboring Range Financial in a transaction that would create an institution with nearly $1.7 billion of assets. By John Reosti Reporter 9h ago In 2024, a Honduras-born man who was buying a motorcycle was turned down for a loan. Two years later, Truist Financial is facing a discrimination lawsuit — and the plaintiff's lawyer says many lenders are vulnerable to the same accusations. By Nathan Place National Reporter 9h ago Federal Reserve The nation's largest banks saw their aggregate capital levels decline the least since the stress testing regime was reformed in 2020. Even so, the Fed will keep stress capital buffers unchanged as it weighs structural changes to its annual capital test. By Kyle Campbell Staff writer 10h ago Commercial banking The Atlanta-based parent company of Ameris Bank plans to open a commercial banking office in Tennessee's largest city by the end of the year, as part of its organic growth strategy. By Allissa Kline Reporter 10h ago Wealth management The head of client segments in Morgan Stanley's wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games. By Dan Shaw Reporter 10h ago Trump administration The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic." By Claire Williams Reporter 11h ago
File and source
- File
- mark-cuban-banker-jill-castilla-create-site-to-streamline-ppp_a37896ab74f39a87.html
- Size
- 270,409 bytes
- SHA-256
- add1f7a9461f9cc16e919de53afd9ccbdd599b901fd0178cf4445119b161f215
- Original
- www.americanbanker.com