SBA 7(a) PPP Update | 4/13/2020

Since SBA’s PPP loans were launched just six business days ago, the lending community has received a demand surge that is unlike anything we have ever seen. Like many, we have been somewhat overwhelmed, yet honored by your requests. While we have been at the leading-edge regarding educating others about this program, lenders continue to be concerned about receiving proper, final guidelines to both close and disburse these loans. The Wall Street Journal noted over the weekend that many loans have been “reserved” and approved with loan numbers, but very few have actually closed and been funded.

We ask for your patience with us (and all members of the lending community) as we process your requests as quickly and responsibly as we can.

Update | 4/6/2020

Dear Valued Clients & Partners,

We wanted to take this moment to provide an update to all of you who have applied for the SBA Paycheck Protection Program loan. We have been in constant contact with our SBA lenders who have been updating us regularly. Due to a handful of set backs on the PPP roll-out such as numerous changes in the application process, uncertainty of Government Guarantees from the SBA to the lenders, and tech issues the SBA has been experiencing, we are still awaiting a final and complete list of items needed for official approval and funding for these loans.

Please bear with us as we work with our SBA lenders to disseminate the finalized loan application, document list & program qualifications. In the meantime we are also bringing alternative business loan programs onto our platform to assist business owners in obtaining capital they may need before the Paycheck Protection Program is finalized. Please continue to send in any documents you feel would be helpful for your loan and we will continue to add them to your file. For a list of currently anticipated documents, please CLICK HERE

Once the Paycheck Protection Program requirements are finalized we will recap with you via email on what we need to submit your loan for funding (if we are missing anything). Please know we are working tirelessly to get the rules of this program defined and get your loan funded ASAP. If you need additional updates on your loan file please email into loans@applyforrelief.com and put your name in the subject line. We will strive to reply to your email within 48-72 hours.

SBA 7(a) Paycheck Protection Program - Update 4/3/2020

This morning the Fed raised the interest rate on the SBA 7(a) PPP loan from 0.5% to 1%.