Covid-19 Loan Updates
Lenders are preparing documents and moving as fast as they can to start processing the PPP loans. Borrowers are trying to figure out what the best loan package would be for their respective businesses. I think I can safely say that It’s a Mad, Mad, Mad, Mad Covid-19 Rescue Loan World (if you haven’t seen the movie, add it to your list of things to watch….it can’t be that long by now).
Here are some things that we think may be important to know.
- SBA Lenders Approach to PPP Processing Varies: We have been hearing from many lenders that they will only work with their existing customers first. It is understandable. One lender noted that last year they processed 1500 SBA applications in total. With the PPP, they are expecting 40,000 applications. Talk about overload. In case you did not have a lender identified, please see the linked list for contact information. We are also linking a helpful worksheet which may help you determine your payroll for the PPP amount. Lastly, if your current lender or bank is SBA approved, then I would suggest approaching them first.
- One of many unintended consequences: An article was forwarded to me that discussed the unintended consequences of the various loan programs for the restaurant business. If you have a few minutes, I would suggest reading it. The link to the article is here.
- Requests for PA Waivers for non-life-sustaining business will close tomorrow at 5pm. The link to submit a waiver is available here.
- Upcoming Webinars:
Please see all of our updates at the following link: https://mpl-law.com/resource-center/