Article from the Detroit Regional Chamber’s COVID-19 Resource Page:
US SBA Paycheck Protection Program
The U.S. Small Business Administration’s Paycheck Protection Program (PPP) launched on April 3, 2020. Businesses indicate they are experiencing some initial challenges with applying. Some financial institutions are still gearing up to process applications. All participating banks still need to comply with the Patriot Act and “Know Your Customer” regulations. Financial institutions of all sizes are having difficulty processing the sheer volume of loan applications while also ensuring they are complying with federal rules for the program that continue to undergo modifications.
FAQ: View Answers To The Most Frequently Asked Questions On The SBA’s PPP, Put Together By The U.S. Chamber Of Commerce.
- Ask your existing bank for a referral.
- Reach out to your network, ask other business owners who their banking partner is, and get a direct introduction to their contact.
- Be patient, some banks are getting certified and others may be at capacity.
- Stay informed, reports indicate there is likely more federal aid coming for business.
- Be prepared and determine if you are eligible to start preparing an application.
The $349 billion program will provide loan assistance to businesses with fewer than 500 employees affected by the COVID-19 crisis. The Chamber partnered with Dykema, Consumers Energy and TCF Bank to share the latest information about accessing the funds.
View the Full Webinar: Paycheck Protection Program: What You Need to Know to Secure Funding for Your Business From This SBA Program
