RELAX. You’ll Get Your Money.
The Government’s Paycheck Protection Program (PPP) Loan application period opened April 3, 2020 to a loud THUD. Not even a week later….
…the SBA keeps changing the document requirements and application.
…Wells Fargo has officially closed their doors and said they’re not accepting any more applications.
…Bank of America said they are only taking applications from businesses who already have business loans with them.
The landscape is a mess. Business owners are frantic and in the dark. Changes are happening daily. Anyone who tells you they KNOW what’s going on is lying to you.
The process is going to be clunky and painful, especially for those who decided they were going to apply on Day 1 at all costs. For those people, they’ll be the ones experiencing the pain of brand new systems being implemented by overwhelmed people who are trying to process loans without critical SBA guidance. The banks will be cutting their teeth on this first wave of applicants. I recommend that you try to avoid being in the first wave that gets cut-down. You don’t want to be the first soldier up the hill…
And REMEMBER – getting the money is the easier part. Getting it FORGIVEN will be where people will regret the choice they made about who to go on this journey with. If you think its crazy out there now, imagine what the landscape will be when the loan FORGIVENESS applications are being submitted.
You can only let one lender submit your application. So whoever you deal with for the loan, is who you will deal with when you apply for forgiveness – for better or for worse. And if your loan was processed on incomplete information because of FOMO (fear of missing out), then it will be that much harder to get your loan forgiven under the PPP loan program.
The current deadline to apply is June 30th. There’s $350 Billion of guaranteed loan funds. Less than 2% of that has been committed. And Mnuchin already said that when the funds run out, they’ll get more.
Whether you go to a big bureaucratic bank, a small community bank or a non-depository SBA lender, you will get your money and you will get your loan forgiven (if you spend it correctly). But by working with a professional — a lawyer used to working with clients under pressure and in times of stress – the process will be more manageable. You don’t need to do this all yourself.
At Wyman Legal Solutions, we can help by giving you advice, keeping you calm and by introducing you to a SBA lender that is professional enough to be waiting to take applications until officials finalize the guidance so they can begin processing loans and putting money into the hands of borrowers.
Don’t submit your application this week. You won’t miss out. Call us to help you.
RELAX. You’ll get your money.