JP Morgan Chase and other banks are reporting that they are waiting for final guidance from the SBA. Due to this, you may experience delays tomorrow in applying for the PPP loan program. Banks are reporting that customers may not be able to apply until later in the day on Friday or over the weekend. Based on what we are hearing from banks, we expect that some banks will take until sometime next week to have their system in place to receive loan requests.
Treasury Secretary Mnuchin stated today that if the $350 billion PPP program runs out of money, he will seek additional funds to make sure that loan requests are fulfilled.
The interest rate on PPP loans has been increased from .5% to 1% to satisfy bank concerns.
We are recommending all clients to apply for the PPP loan as soon as their respective bank is accepting applications.
If you need help with the PPP or EIDL loan application process, please let us know.
We will keep everyone updated on the latest developments with the program.