URGENT: Last Chance to Apply for a Paycheck Protection Loan
This is an urgent post regarding the Paycheck Protection Program (PPP) for those that haven’t applied or haven’t received approval. If you’re thinking about applying, or you applied in the first round and weren’t funded, we urge you to read on.
A second round of PPP funding, to the tune of $310B, is expected to be passed into law this week. We expect it to take just 48 hours for those funds to be exhausted. That’s incredibly fast, so it’s critical that you get your loan application submitted by Friday.
Here is what you need to do.
If you have not started the application process, you need to reach out to us right away by clicking the button at the end of this article. We can help you calculate your loan amount, complete your application, advise you on documentation needed, and get your application submitted as soon as possible.
If you submitted your application to your bank, but have not heard back about approval, you need to call your banker immediately. Here’s the question you need to ask: “Has my loan been assigned an SBA number?” This is extremely important. If your loan has an SBA number, that means it is approved.
If you do not have an SBA number, then next question to ask is “Where is my loan in your queue and what are the chances it will be submitted to SBA?” If you feel that you’re too far down in the bank’s queue, again, you need to reach out to us immediately. We can put you in touch with other bankers that are taking applications, where you might have a better chance.
This is extremely urgent and we hope you will make it your highest priority.
In the first round of funding, the banks and the SBA were overwhelmed with the volume of applications they received. Still, it took only 14 days for that pool of $350B was be disbursed. Now, the banks have their processes in place, so applications for this round will sail through the system very quickly and they’re already working on the backlog they have from the first round.
Here at All In One Accounting, we are committed to helping small businesses and non-profits get their PPP applications submitted and approved as soon as possible. This forgivable loan program can be the difference between staying afloat and laying off workers. Don’t delay – act today!
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