Updates on SBA Activities, Issues and Area Lenders
Thanks to our Kaplan CFO Referral Partners at Allen, Stahl & Kilbourne for providing a good list of updates to funding decisions, issues and lender activity.
As of April 13th: As available funds dwindle, many small firms are squeezed out and concern increases
UPDATES (as of April 13th):
Entrepreneur says $205 Billion of the $350 Billion Appropriated for PPP Loans Has Been Claimed
USA Today reports PPP Loans leave small firms confused, wary, and rushing to secure cash\
Inc. has advice if your bank is stalling on your PPP application
Mark Cuban says Banks are playing games on loans, leaving small businesses out in the cold.
Paypal, Intuit & Square approved to process PPP Loans
On the other side: Here is what is happening with SBA EIDL Advances
Find a copy of the "Final" Paycheck Protection Program Loan application form is available HERE.
For a top-line overview of the program CLICK HERE.
As a borrower, more information can be found HERE.
An Interim Final Rule has been issued HERE.
Frequently asked Questions HERE
The SBA Website is listing numerous lenders
Banks currently lending
Bank of America was first to open up a portal to accept applications from existing small business clients only.
Truist (merger of SunTrust/BB&T) started taking applications on 3/5 from existing BB&T or Suntrust clients, including small business, nonprofit, independent contractor, and self-employed clients.
Wells Fargo reopened applications at 7pm on 4/8 after the Federal Reserve temporarily lifted the asset cap on Wells Fargo to spur lending.
First Citizens has begun reaching out to customers by email with an application packet who indicated an interest in the Paycheck Protection Program. Website remains silent.
PNC Bank is accepting applications through online banking (existing customers only). Separate process for those businesses with annual revenue is less than $5 Million, the larger businesses, and self-employed individuals and independent contractors. Able to check the status of pending applications.
First National Bank is accepting applications online (applicants with a current banking relationship, and located within our footprint of Pennsylvania, Ohio, Maryland, West Virginia, Virginia, D.C., North Carolina and South Carolina are still encouraged to apply). (Non-customers must make an appointment with a banker.
Fifth-Third Bank is accepting applications through online banking (assisting current customers first; expects to begin servicing non-customers later in April). ("It’s time to start the process for the Small Business Administration’s Paycheck Protection Program. We are eager to make these emergency funds available so you can continue paying your employees and keep your business running.")
First Horizon Bank has expanded the pilot and are now working hand-in-hand to help more customers submit their loan applications. We are finalizing an automated application process which will be live in the next 24 hours to help further expedite loan applications. (existing customers only).
Crescom Bank is participating in these programs with the SBA. Apply through commercial Loan Officer (existing customers only).
Pinnacle Financial Partners is accepting applications from existing customers through advisor.
Carter Bank & Trust is applying online through Kabbage
HomeTrust Bank, on 4/3, announced they had been working with customers, but suspended their program on 4/6.They entered into a partnership with Kabbage (a fintech) on 4/9 to restart lending. As a result of the enormous initial response, HomeTrust has since suspended accepting any new applications at this time.
Peoples Bank is accepting applications through their business bankers. ("If your bank is not participating in the Paycheck Protection Program and you are seeking assistance, please understand that our priority will be focused on current customers.")
TD Bank is taking applications online from existing customers.
Towne Bank (Northeast NC) is accepting applications from existing business customers through their business bankers.
North State Bank (Raleigh and Wilmington) is accepting applications through online banking (existing customers only).
Aquestra Bank (Charlotte) is no longer accepting inquiries but recommends customers in NC/SC contact their local branch.
Atlantic Union Bank (Raleigh and NE NC) is accepting applications online (existing customers only), but warn that "because demand is so high, we cannot guarantee that requested funds will be approved or will be available by the SBA."
Regions Bank (Charlotte) has resumed accepting applications through online banking (existing business customers only).
Ameris Bank (Mortgage offices in NC) is accepting applications from current customers only. ("Due to the high volume of applications submitted to Ameris Bank for this program, please contact your banker directly to apply. Applications are taking several weeks to transition to our processing status.")
U.S. Bank (Charlotte) is emailing invitations to those who have completed the inquiry form. ("We will be accepting applications for our existing customers as well as new customers for this program.")
Chase (Charlotte) has begun accepting applications again after website upgrades, but admit due to high application volumes, you may experience delays. ("Please do not call about the Payment Protection Program loan.")
To stay abreast of what's happening bookmark the COVID updates page at Allen, Stahl & Kilbourne