New PPP Funding Is About To Be Available: Do This Now!

New PPP funds are about to be available.  If you did not receive funds from the first round, here is what you should be doing now:

        1. If you submitted an application to your bank, but it was not approved before funding was exhausted:

Ask your bank whether you should submit a new application, or will they reinitiate the loan review based upon what you have already submitted. Some banks will pick up the process on applications in the queue, while others are going to start the process over with newly submitted applications. Find out what your bank is going to do.

        1. If you submitted an application and were responding to questions from your bank and stopped your application:

Now is the time to return to those questions.  Get your answers and additional information ready and find out how and when the bank wants that information delivered. If your bank requires a new application, provide your answers in your new application.

  1. If you need to submit a new application to the bank:

Ask your bank when they will begin accepting new applications. The initial round of the PPP set a date before which applications could not be accepted; at the time of this writing we do not know whether a similar limit will be imposed as part of the new funding.

  1. If you did not submit a PPP Loan application in the first phase of the program:

Apply now. Connect with your bank now ask questions and learn what you can that will facilitate a successful application in this second round of the PPP.

The PPP is a great opportunity to get funding to protect your business and continue to employ your people.  Do not miss out!

If you have any questions regarding this loan program or other economic relief programs, the lawyers at Beresford Booth remain available to assist you.

BERESFORD BOOTH has made this content available to the general public for informational purposes only. The information on this site is not intended to convey legal opinions or legal advice.