The Paycheck Protection Program, in case you haven’t heard, is a federal relief program for small business owners, their employees and independent contractors. (For more information on it, go to this page on this site SBA Paycheck Protection Program Details
Even though it was scheduled to start on April 3rd, as of today, it program has not begun. The banks and the SBA are still working out the details of how they will deal with each other after the loans have been done.
Apparently, some banks are not accepting any more applications. My guess is that they have decided they can only handle a certain amount and they are probably giving their existing customers priority.
The lender that I am approved with is ready as soon as the details are handled and the program is given the green light. They have moved their tellers over to be loan processors to handle a large volume of applications.
This forward planning is very smart and superior to the other banks who won’t accept any more applications (which they can’t even do anything with until they have the green light anyway).
If this is a program you are interested in, go ahead and fill out your application, gather your payroll information and be ready for the roll out. If you need help with it or have questions, please call or fill out a contact form.