Accountingcrisis managementSmall Business

Status of Paycheck Protection Program application?

This comes from a real email exchange today:

CLIENT:

Subject: Re: status update on Payroll Protection Program

Tony,

I don’t believe I heard anything back from this? Has xxxxxx responded to our request?

 

ME:

Correct. No response after initial confirmation of application more than two weeks ago. I did attempt to contact the officer who referred me but he has not responded. The bank’s web site advises us to be patient.

 

We did clarify our ability to make a second alternate application but have no indication that would have led to a more successful outcome given the timing and over-subscription of the program.

Additionally, we need to consider the cost/benefit of our effort as the time requirement for continued pursuit has increased with no improvement in expectation of successful outcome.

I understand that about 95% of small businesses nationally of similar size and banking relationship are in a similar uncertain situation.

Since this is a ‘hot topic’, I am dealing with it daily, taking in programs and peer discussions on the best available information on strategies as the situation evolves.

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