Paycheck Protection Program Update
Per Inc Magazine:
Paycheck Protection Program update: On Tuesday evening, the U.S. Small Business Administration reported more than 1,168,000 loan approvals, totaling over $268 billion. That’s roughly 77 percent of the program’s $349 billion
Having trouble contacting your bank?
I have heard from some of you that you have contacted your bank and haven’t heard back. I understand the banks are overwhelmed right now with applications. My advice if you want to apply for a loan is to contact your bank where you already have a personal relationship. However, if you don’t have a personal relationship with your banker, I have put some links below to various other sources of applying for the PPP loan below. I can’t vouch for ANY of these, and I am only offering up other possible places to apply if you have had difficulty applying.
If you have applied and haven’t heard back from your bank, I would try again and let them know you may be applying elsewhere. I have heard conflicting advice on whether applying in more than one place is allowed OR if you can apply in more than one place but only accept one.
Regardless this is a good reason why you really do need a personal relationship with a small business banker for situations like this so that when you need the funds you have someone to help you out. If you need a referral to a great banker that I use at Regions Bank, I will be happy to pass that along. My understanding is they are only taking applications from existing customers, so I don’t’ know they would be a useful resource now. Still, I do recommend them for future banking needs.
Other resources
Meanwhile, here is the list of other resources you might try to apply for the PPP loan at this time.
