Monday Morning update on Paycheck Protection Program…
Before the SBA opened the Paycheck Protection Program (PPP) just this past Friday, program details were few and changing by the hour. Small business owners were trying to understand, and our staff were getting ready.
The purpose of this email is to let you know that the PPP application process is working for us and we hope other approved SBA lenders.
We are pleased to report that over the weekend, The Progress Fund successfully submitted and received approval of five PPP loans totaling $363,325 for our current borrowers. More are in our pipeline at this moment.
We think the program will help many small businesses but the funding is going to run out sooner than we can all image. Please note, we are only processing applications for our current or past borrowers because speed-is-of-the-essence. There is no time to adequately underwrite small businesses we don’t already have an established relationship.
We encourage all small businesses who plan to apply for a PPP to keep your “foot on the floorboard” and work with a lender you already have an established relationship.