Dear Business Owner, US Congress has authorized $310 billion for loans for small business through Paycheck Protection Program. Many small business owners are still waiting for the bank to process their applications. And some banks are not participating in SBA PPP Programs. Fortunately, there are many online lenders and banks who are accepting new SBA PPP Applications. One question that no one seems to be answering is whether you can apply for second loan application when some other bank is already processing your application. There is no straight answer. But when we spoke to some of the business owners, they did mention that when the loan is processed with one bank, other applications will automatically be declined. Again, there is no official guide. This is from the experience of business owners who got the loan. Also, some online platforms like Fundera.com and rho.co are partnering with multiple SBA approved lenders and business owners are saying that they are getting requests from multiple lenders at same time. Below are some of the useful resources if you have not applied for the SBA PPP loan: FAQ of SBA PPP Program (Updated on 5/6/2020): https://www.sba.gov/document/support--faqlenders-borrowers State-wise Lenders participating in SBA PPP Program: https://www.sba.gov/sites/default/files/202004/Lenders%20participating%20in%20PPP%20by%20State_As%20of%2004%2023%2020.pdf List of Banks accepting SBA PPP Applications: https://www.fundera.com/blog/banks-accepting-ppploan-applications Online lenders accepting SBA PPP Loan applications (Although there are many, most of the business owners suggested below list): https://www.fundera.com/ https://www.loanbuilder.com/ppp-loan-support https://www.kabbage.com/paycheck-protection-program-loans/ https://smartasset.com/insights/ppp-loan-lenders https://rho.co/paycheck-protection-program-SBA-COVID-19/
Best Regards, HospitalityJobs.com Team.
PS: This letter is only as a guidance and information for applying the SBA PPP Loans. HospitalityJobs.com or its parent company does not take any responsibility for any loss or damage caused by this information. You should consult your bank or financial expert if you need the advice in applying the loan.
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