Platte Valley Companies processing Paycheck Program Applications for Small Business Administration

Platte Valley Companies processing Paycheck Program Applications for Small Business Administration

Their bad bets on subprime mortgages and other loans were what pushed the world into the Great Recession. Others were overwhelmed, hit with a deluge of applications from millions of business owners trying to stay solvent amid the economic crisis caused by coronavirus-related shutdowns.

Non-essential businesses have had to shut down and the city of Montrose is doing what they can to make sure that those small businesses will still be around after this pandemic.

"They don't have the process in place, they don't have the capital, they don't have the right way to help their customers, but they are looking to refer their customers to other financial institutions that will be participating", Blake said. "The only way to meet the demand is for the banks to lend more", Genter added. Banks were interpreting the Treasury guidance to still require the "know your customer" verification and safeguards, and the fastest way to check if a customer had met those requirements was to see if they had a credit account where the more rigorous checks would have already been done. To receive the aid, businesses must have been operational by at least February 15.

Citigroup CEO Michael Corbat said in a CNBC interview Wednesday its small business bankers are fielding questions around the clock, including weekends, from merchant customers.

Geiger said he attempted to apply by means of his organization's essential loan specialist, Wells Fargo, however was told the bank most likely wouldn't be prepared to begin tolerating applications until Monday. By the time we apply there will be no funds available.

"We urge banks and government agencies to get this problem solved immediately, so they can stem the tide turning against small businesses and their employees". The 30 million small businesses in the US employ half of the private workforce and their collapse would have long-lasting effects across the country. In total, small businesses in the Oshkosh area could apply for part of almost $1.8 million dollar relief loans just in their region. Banks got the latest guidance on the SBA loans known as the Paycheck Protection Program on Thursday night. New businesses can use the time period from January 1, 2020 to February 29, 2020, with the same exclusion noted above. The business must also have used at least 75% of the PPP loan amount toward payroll expenses in the first two months after the loan is funded.

Certain establishments such as restaurant chains, food service, caterers and hotels, with more than 500 workers can also be qualified if they have no more than 500 employees at each physical location.

CNN obtained an email Friday morning SBA sent to stakeholders acknowledging issues with their input system lenders were using to process loans for small businesses.

If you're a small business or a sole proprietor, you may be eligible and you can apply starting on Friday, April 3, Inc. reported.

Seeking to bail out millions of small businesses and slow unemployment, Congress included $349 billion for small firms in its $2 trillion stimulus package passed last week. The federally guaranteed loan is supposed to cover employee salaries, rent, and utilities.

"Financials can provide loans but they may need more to do than that".

"I would love to be able to come back in and sort of do business as usual, so my customers can rely on me, "said Marcie Shoham".

"You have to remember: the cost of origination for a bank is so high", said Ryan Metcalf, head of USA regulatory affairs and social impact at online lender Funding Circle. The U.S. Treasury doubled the interest rate applicable to the program after lenders said the initial rate was below their costs.

Step1: Download this application from the Small Business Administration Website.

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