The PPP Thread

[EntrepreneurMD]

I don't think anyone is actively processing applications yet.

However, I contacted senior business lending management at the local lender accepting PPP applications, completed the federal 2 page application and emailed it to them already. They also have a lot of my information already due to a current loan I have with them, to ultimately help expedite required documentation.

Best to be proactive and get in early as funds are ultimately finite.

[jhwkr542]

Unfortunately, I worry that to get this money for many people, the government is going to have to provide more funding. I'm guessing the funds may be gone by Monday. You really need to have an "in" with a bank with whom you do business. So he'll have to get in line with everyone else if his bank isn't accepting applications. I'm just not sure how many people will actually get a loan with the huge rush and limited funding. Yes, our bank we have used a lot got us in and accepted our application. But we're still skeptical we'll get any funding.

[I-doc]

My dad has a small solo practice that will be trying to apply for a PPP loan. I have been trying to assist him with it while my clinic schedule in residency has been light in the last week or so. They have gotten all of the relevant documents prepared to try and be ready to go. A couple of days ago, he talked with a contact at a more local bank and was put on the "wait list". Applications were supposed to open today but the bank sent an email today saying "until final guidelines are received about the program" (presumably from the SBA) they are not accepting applications. They also have a business account at Bank of America which appears to have opened applications. Unfortunately, BofA won't accept applications unless they also had a business credit card through them. From what I have read online, it seems like there is a huge rush for these loans/grants and it will essentially be a first come, first serve kind of deal. I was wondering if anyone has been able to submit an application for a PPP loan through another bank successfully yet. I am not sure if it would be better just to wait until the local bank gets all they need and starts accepting applications or to try and find another bank that does not require a pre-existing relationship to apply for the loan. Any thoughts?