Hello Clients, Friends, and Business Associates:
Last Friday, April 3, 2020, was the first day to apply to SBA’s Paycheck Protection Program (PPP), which is on a first-come-first-served basis. If you applied, great! Your application may be in the queue, or it may be in a cyber blackhole. No one really knows.
I don’t think you should rush out blindly just to apply so you can be in the queue of concerns that PPP will not be available once the funds alleged for the program have dried up. At the same time, if you did not apply last Friday 4/3/2020, that does not mean you are at risk of not getting the PPP assistance.
One thing I can say for sure, most of the SBA lending institutions are not ready yet, and the application you submitted last Friday, April 3, 2020, will not be processed without further clarification from SBA or the Treasury Department.
This is one of the PPP applicant’s experiences on 4/3/2020 when he attempted to submit the application:
“Attempt #1 to call my bank’s PPP application hotline: 55 minutes on hold and then “the system is experiencing problems” and disconnected. I hope they add an option to turn off elevator music.”
Maybe it is a good thing that you did not place a call to your bank!
Hey, the Congress is even starting to talk about stimulus package #4, or increasing the amount of funding for the PPP loan assistance program. The situation is very fluid right now.
Yes, timing is important, and we want to get ready and be in the queue especially for the next few weeks. I will definitely send out more information. If you have other questions, of course, you are welcome to schedule a strategy call with us.
Unless your business is facing legal challenges right now and needs to respond to them in a timely matter, contact us now for a Strategy Session, and let’s talk about your options and how we can deliver the solutions to you or your business.
In the meantime, get all your documents ready. I have compiled a list of documents that you may want to have available either in paper or digital format (so you can upload them electronically to the SBA approved lenders).
For a list of documents that the bank may ask you to provide, go to my blog (the list is located in the second half of the article): https://focuslawla.com/uncle-sam-says-lend-the-banks-say-umm-how/
If your business is facing legal challenges due to COVID-19 and the response to it, call us now for a COVID-19 Strategy Session, and let’s talk about how we can help you to run your business without worrying about the underlying legal consequences.
To reserve your spot, click the link: https://bit.ly/COVID19StrategySession
Wish you the best, always!