Small Business Owners who are just applying for the government’s PPP loans are experiencing a frustrating process and many dead ends. Many local and national banks are overwhelmed by applications and have stopped accepting them currently, giving business owners vague and conflicting answers about when applications will be accepted again.
If you are experiencing this, you do have some options.
You can try contacting the local, smaller credit unions in your area, but our experience is that most will only accept your application if you already have a business checking account with them, and even then they often have long backlogs of applicants already waiting.
If you still need to submit your PPP application, our advice is to try an online company such as Kabbage, Square, Intuit and PayPal, all of whom are offering PPP loans and have developed online application forms.
We have experience processing applications through Kabbage and PayPal, but these sites are also becoming very busy so best practice is to submit as soon as you can and to have all documentation ready at the beginning of your application (1099s, W-2s, tax returns and color pictures of your driver’s license are some of the often requested documentation).