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Peter Gulia

More money for Paycheck Protection Program

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Due to the specific allocation of funds to community-based lenders, small and mid-sized banks an credit unions, it that the better place to apply for a PPP loan?  Clients are telling me that their applications are in a queue at big banks to send when SBA opens again.  Should they pull the application at the big bank and apply to the specifically allocated financial institutions?

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I think they were always a better place to apply to be honest.  We had a lot of clients get approved through community banks, and the stories I have heard from the big banks have been pretty bad.  I think an issue that still remains that most lenders will  process current clients first, so if you don't bank at ABC Bank, your chances of getting processed before funds run out are relatively small.  

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Thanks for the reply.  Interestingly enough, I actually got through to the SBA on their 1-800 help line today.  I posed that question to the customer service rep. She put me on hold to ask her supervisor.  She came back with "her supervisor said to go ahead and apply at both financial institutions and just accept the one that processes first".  

Some days it just doesn't pay.....

 

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