…Give me my money now!
It’s not quite the mad rush it was in April of 2020, but the gates opened last week for the community loan non-profit centers to submit PPP loan requests for smaller businesses to the SBA. Later in the week, the door was opened for banks less than $1 billion in assets and tomorrow, everyone else can go to the party. Of the big banks, US Bank will be ready. No one has received notices from BofA but I’m guessing they will be ready to ramp up as will the other banks.
The difference this time is that all assistance from most of the banks will be online with only the smaller banks taking applications in their offices. Banks that are taking applications from non-customers are California Bank and Trust, Signature Bank and First Enterprise Bank. Pacific Premier is not taking any applications, instead bringing in The Loan Source who has stated they are ready to receive applications.
If this is your first time borrowing under the PPP Program, make sure you know how the loan amount is determined and be ready to slice and dice your 2019 payroll totals. If you are a second draw PPP borrower, you must show that your revenues were impacted by COVID-19 with a 25% or more reduction in revenue when measured quarter to quarter.
If you are unsure about if you qualify or not, email or call me. I can help.
Finally, I think there will be enough funds. With the new criteria for second time borrowers, the focus on smaller loans and an administration that will have no problem priming the pump, I think all borrowers will be taken care of.
That said… Runners, take your mark….