More information on the state's response to COVID-19's impact on small businesses More Info
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.