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Today President Trump signed a bill authorizing additional funds for the now depleted Paycheck Protection Program (PPP). The bill provides an additional $310 billion in forgivable SBA loans for small businesses. Here's what we're recommending for business clients that missed out on the first round of funding (which, unfortunatly was most small employers).
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Go to your banks website and follow their instructions to apply for a PPP loan. We are hearing reports that some banks are not participating in this second round. I won't say who they are, but they know who they are.
If your bank is not participating in this second round, here are some possible alternatives (we aren't necessarily recommending any particular bank or lender):
- Community Banks - Funds have been set aside for community banks.
- PayPal - The eCommerce payment juggernaut is taking applications for PPP loans.
- Square - Not just for farmers' markets and food trucks, the ubiquitous point of sale payment solution is in the PPP game too.
- Intuit QuickBooks - You need to already have an account with QuickBooks, but the company that helps you manage your business finances also wants to help you with your PPP loan.
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- Check your e-mail, including your SPAM folder - Most banks have been sending e-mails to their clients letting them know what's going on with the loan process. Some banks are actually updating clients on where they are in the process.
- Check your bank's website - Banks are using their websites to keep clients updated.
- Call your bank - WARNING - Only call your bank if it's a very small bank or you have a personal contact. Large banks are overwhelmed with customers and are having a hard time keeping up with the sheer volume of questions. If you do decide to call the bank, might we recommend a classic while you wait on hold?
- Respond quickly and completely - If and when the bank does reach out, respond to any requests as soon as possible. If the bank is requesting information, give them what they ask for and in the format they want it. If they ask for a pdf, send them a pdf. If we learned anything from round one of the PPP, it's that the early bird gets the worm. Delays can cost big money.
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