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Banks can begin submitting applications to the Small Business Administration for the second round of Paycheck Protection Program loans on Monday, so if you haven’t applied for a PPP loan yet, where should you apply?
Laura Bilazarian, a venture capitalist and company founder who has been writing about the PPP, has a post out suggesting small business owners should consider looking at community banks as a possible source of funding.
First, she says, business owners should speak with their current bank, especially if they have a business loan or mortgage, through the bank. Ask if they can submit your PPP loan application electronically through SBA’s E-Tran platform. (According to SBA, that reduces processing time.)
If not, consider contacting a community bank, since $60 billion in loan capacity is set aside for banks with under $10 billion in assets in the second round of PPP funding.
Click here to read the article.