Posted on April 24, 2020 by John Lanahan
While the first $349B of PPP funding was quickly drained, the second tranche of funding has been approved by the Senate and House and the President will likely sign off today. Given the long line of applications currently in the queue, lenders we’ve spoken to are hopeful these funds will be distributed quickly as the […]
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Posted on April 16, 2020 by John Lanahan
We are so incredibly thankful for the thousands of healthcare workers across the country who are putting themselves at risk every day to care for their patients during this crisis. They have been placed in an incredibly difficult situation on the frontlines with a lack of PPE, ventilators and ICU beds in overrun hospitals as […]
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Posted on April 10, 2020 by John Lanahan
As we await further guidance from the SBA on the Paycheck Protection Program’s application process for 1099’s and Sole Proprietorships (applications are supposed to go live today), we received some additional good news yesterday from the Federal Reserve on the Main Street New Loan Facility. Per usual, the announcement came with no guidance on process […]
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Posted on April 8, 2020 by John Lanahan
The Paycheck Protection Program is off to a rocky start. The SBA provided guidance to approved lenders last Thursday night, with the expectation that banks would be processing applications by Friday. Lenders were delayed in accepting applications, websites were overwhelmed, the SBA eTran system crashed, banks only serviced their own clients (and only those with […]
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