![]() ![]() If this is the route you choose to go, the applications are not difficult and the calculations you need are on the documents we provided along with the backup payroll documents and application you will need to upload.įor those who have funding and are looking for answers on the forgiveness, we suggest patience as the SBA has not issued final guidance on the forgiveness part. We will continue to assist in any way possible, but after doing a couple of FinTech applications they are asking questions to pull credit we do not have answers to. The payroll and backup information we have provided will be the information you will need to upload for proof of payroll. We cannot fill out the applications with the FinTech's as the information they ask for requires knowledge we do not have (think about filling out an application for credit and the verification behind it). You should have all information from our office to submit, but please contact whoever assisted with your application should you need the information again. This has made the process very difficult, as we cannot control what the banks are doing. I hope the banks get through all loans in queue, but we cannot guarantee anything with the banks. I would not pull my application but rather seek out other alternatives. Many of you may be in queue, but I think most realize how that worked out in round 1. Bank of America has $46B of loans in queue, Chase has $26B. The big banks have millions of applications in queue. I know this is not ideal, but this is the best advice we can give under the current circumstances. Based on conversations with banks, it does not appear the SBA will allow two applications to be submitted for this program by the same taxpayer. If you are successful with a local bank or FinTech, contact your original bank and ask them to pull your application. I do not suggest you pull your application with the big banks if in queue but seek out other possibilities based on the probability the big banks may not get to your application. I will say local banks are your best bet, but I know that is not possible in all instances, however many local banks have opened funding for the PPP loans to non-customers (they are starting to realize a nice 5% commission on a 100% SBA backed loan is not a bad deal). A lot of banks, credit unions, credit card companies (AMEX), payroll companies and FinTech's have opened to these loans. If you are in queue with one of the big banks, try to keep your spot in line (wherever the heck that may be), attempt to reach out to local banks (reach out to as many as possible) or last resort would be one of the FinTech's that have come on line, I know several were successful with PayPal before the last funding ran out (be aware they are pulling credit). For those who are in queue or waiting for funding. ![]()
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