Going forward we will be providing regular Paycheck Protection Program (PPP) updates (not specific loan application updates) on our Twitter page, so please follow us there. 

There has been growing concern that PPP funds are going to run out, and applications are not being reviewed for funding. We are processing applications and assigning complete files to our lenders for underwriting and funding. Although there have been reports of PPP loan application numbers nearing $70B, we have received no reports of a PPP loan actually having been funded yet.

Yesterday, the heads of major banks and the banking community participated in a conference call with the President to voice concerns over the issues still present in the PPP, that are preventing them from being able to disburse PPP loans. Additionally, Treasury Secretary Mnuchin is attempting to secure an additional $250B of PPP funds for small businesses, on top of the $349B that has already been allocated. 

We understand that there are those of you who may now have the opportunity to apply for a PPP loan with your bank, and unless we have already assigned your application to a lender for funding, there is nothing that prohibits you from doing so. Just keep in mind that banks are presently only processing PPP loans for those who have an existing deposit or lending relationship with them (we do not have that rule). Banks also have certain statutory lending limits that our non-bank lenders do not. 

We have received an unprecedented number of PPP loan applications and we are working through them as quickly as possible, on a first come, first served basis. We greatly appreciate your patience, and we ask that you visit our website, Twitter page, read in detail the informational email auto-response we've setup, and utilize the partner portal (if you are a Referral Partner) to address your questions.  

Thank you again for considering us for your PPP financing, please stay safe, and follow us on Twitter for additional PPP updates. 

Sincerely,

Noah Grayson | President
South End Capital

About South End Capital 

Founded in 2009, South End Capital is a nationwide, non-conforming lender providing commercial real estate mortgages, subprime SBA and conventional loans, and business financing. We are committed to providing excellent service and innovative financing that is affordable for all borrowers. 

LendVer, US Business News, Fit Small Business, Top Ten Reviews, and Business.com have each recognized us as one of the premier non-conforming lenders in the country.