While Secretary Mnuchin told reporters that if the funds run out, they would ask Congress for more, there is no certainty that will happen.Įven if you don’t have a banking relationship or your bank is slow in processing your loan application, it appears that online banking companies like Pay Pal are soon going to be allowed to submit applications. There is even a possibility according to some writers that Bank of America and the community banks who have already launched applications could claim all of the $350 billion available as the other large banks continue to delay in getting their applications up and running.
There are limited funds available to businesses (although $350M seems like a lot) and the clock is ticking with Bank of America alone having processed $22 billion dollars of loan applications in one day ten days ago. If you have had a tough time after chasing down every business contact and your bank has yet to launch your PPP application, there are some other options.
Worse still is even customers that have such a relationship are being put in the back of the line. As most of you know, it is extremely difficult to get a bank to submit your application for a Paycheck Protection Loans if you don’t have an existing business-banking relationship with that bank.
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