Question:
Is the funding for the PPP running out? Is it too late for me to apply? And which bank is best for me to apply?
Answer:
It is not too late to apply. However we do recommend applying as soon as possible before funds run out. Just yesterday the government announced additional funding, so it seems likely they will continue to add money to cover loans. But most experts agree it will impossible to cover all requested loans, so those that apply first will be more likely to get their full requested amount.
The rollout of PPP program has been fraught with glitches. So as of now, there is still no risk of being shut out. At the moment there are lenders participating, but the vast majority of successful loan applications are going through community banks.
Wells Fargo has temporarily stopped issuing loans, and if it starts again, it will focus on businesses under 50 employees, not under 500 employees. Suntrust/BB&T have a sign up, at the moment, but are not issuing loans, despite having a large allotment. Bank of America has been actively issuing loans and accepting applications; however, the application process is limited to a subset of their own customers. PNC has been accepting applications from their existing clients and will take on new clients however they are not taking applications yet from new client.
Basically, it is not easy to find a lender right now, even if you have a business banking relationship with certain banks, they may not offer the program, and if they do offer the program, not everyone, necessarily, qualifies. In fact, banks are limiting those who they will give loans to, as much as possible. People have been successful in applying on their own, however, the vast majority have not. A simple Google search shows how unsuccessful and frustrated people have gotten applying on their own. The bad news is that that means that the application process was supposed to be easy, and it did not end up that way, the good news is that there is still plenty of money left
There is also plenty of reason to engage a private firm, such as Lubell Rosen, to assist you through the process. It is certain there will be more glitches in the weeks to follow and more regulations to sift through. And if you think things are a bit crazy and unsettled right now, just wait until the loans begin to be issued. Then the question will be: How much will the government forgive? Having an experienced law firm such as Lubell Rosen, that represents medical practices in malpractice, healthlaw, and employment issues, will be essential. Lubell Rosen is already researching and strategizing with their clients the best way to ensure the maximum possible amount of loan forgiveness.
