Friday was a day of confusion for most lenders as the SBA began releasing their operating procedures for the Payroll Protection Loan Program.  As of Saturday morning Insider was able to get on  a regional bank on-line application, complete and download a request for a PPP loan.  A search of other bank web sites shows mixed levels of readiness.  Some indicating they will be ready to take applications today, others where you could input your contact information to get a later email indicating the bank is ready to accept applications.

We did find the on-line application we used to be easy to complete, with just enough information requested to verify company information and proof of payroll averages.

The next questions to be answered will be be response time from the bank, additional questions they may require, approval and turn around time for closing and receiving proceeds.

If you are in the process and want to share information for others in our industry, feel free to complete the comment box below our contact me at johnhweller@comcast.net.

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