As we wait for the approval of more funds for round two of the PPP, I wanted to answer some questions I’ve seen this week.
If you have submitted your application and received an SBA approval number from your bank, that means funds from the first round have already been earmarked for you. You should expect to see those funds deposited within the next few days – it is a matter of “when,” not “if.”
If you have submitted your application but did not receive a confirmation number, call your bank and have them check on the status. If you were not yet approved, find out directly from them if you will be at the front of the line for the next round of PPP funds, and if there is anything you need to do right now to guarantee that.
It has been consistent that smaller local banks have been getting this done for shops – larger banks have seemingly dropped the ball. For reasons such as this, I always recommend having a banking relationship with not only more than one bank, but more than one type of bank. If you do not currently have a relationship with a smaller local bank, check out lenders such as Paypal, Kabbage, and Intuit. I have heard many success stories from shops that were able to quickly and easily receive their PPP funds using these sources. (You can submit applications to more than one institution, just be sure to proactively cancel all others once you receive an SBA confirmation number from one.)
Please reach out if you are having difficulty submitting an application. firstname.lastname@example.org