I represented nine small businesses attempting for federal aid through the Paycheck Protection Program this past month. The circumstances and timing of applications vary. Some are for profit businesses and some are 501(c)(3) nonprofits. I am applying as an owner, authorized representative, controller for some of the businesses. Others I am acting as accountant assisting with the application. I placed one to three applications with each lender so some businesses submitted more than one application. Two clients did not actually find the opportunity to apply with their bank (Wells Fargo) and did not apply to others.
These are the compiled results are as of the end of Wednesday, April 29.
Wells Fargo – three inquiries submitted for customers, one application submitted, no opportunity to actually submit a Form 2483 application for other customers
BB&T Bank – inquiry submitted, change of position on applications for non-customers, no opportunity to actually submit a Form 2483 application
Citizens Bank – two applications, documents submitted, additional information requested and provided in one case, no response on others
WSFS – one application submitted, confirmed, kicked out, advised to start again
PayPal – two applications submitted, confirmed, a representative later confirmed the application was active
Pango Financial – one application submitted, referred by WSFS, submitted application and documentation, no response
Commerce Bank – one application submitted
QuickBooks – one inquiry, application not actually submitted
None of these nine businesses have received a loan.