Funding Exhausted for Paycheck Protection Program Loans
As was widely expected, the $350 billion allocated for this program was not nearly enough to meet demand. Many sole proprietors and small business owners were left in the cold as they were not able to apply until April 10 and many banks stopped accepting applications mid-week this week. Whether you applied or didn’t have quite enough time to get an application together, we have some advice for you.
4 Things You Should You Do Now
1. If you have no idea what this article is referring to, you’re not alone. It was easy to miss or not understand this loan program and how it works. We are here to tell you that you ARE missing out on a very favorable loan program that can help your business. Call us — we need to tell you about it. We can help you get your piece of the program.
2. Don’t give up! Congress is working to allocate additional money to the program. If you did not file an application, keep working to prepare one. Be ready to file when banks resume accepting applications and you’ll need to act fast. The newly allocated money will be soaked up by pending applications that did not get approved before the first batch of money ran out. You’ll need to be ready to file quickly when banks resume accepting applications. Well organized applications will be the first ones to get approved. Don’t take any chances — we can help you. We’ve completed these applications and know what the banks are looking for.
3. If you filed, keep working! If you filed an application, call your bank and confirm that your application was received. Don’t assume that because your application was received that you’ll be approved. Ask the bank about the status of your loan and what else that will be expected from you to get the loan funded. Have your supporting paperwork ready to submit when asked by the bank. The loan program is first come, first served so businesses that are responsive and have their ducks in a row will go to the front of the line.
4. Apply for an Economic Injury Disaster Relief Loan directly with the SBA. That program is still accepting applications. Its not as favorable as the Paycheck Protection Program loans in that it is higher interest rate and is not forgivable. It is a good loan program nonetheless and can help your business.