Here’s What Small Business Owners Need To Know Before Applying For P3 Loans
Ray Moon has been running Beechnut Auto Repair for 30 years, and he trusts his hands to bring it to 31. We don’t mean by working on cars, but by submitting applications.
“I don’t know if I can wait another month,” Moon explained. “I just don’t know what’s going to happen.”
Moon tries to get part of the Payment Protection Program, also known as PPP. Starting Monday, small businesses with fewer than 500 employees can apply for an interest-bearing loan, forgivable loan. The first pot of money quickly ran out, and Congress approved an additional $ 310 billion.
On Tuesday, the Small Business Administration confirmed to ABC13 that it had processed businesses $ 52 billion in the first 24 hours. To get the money, the owners apply through the banks. But when Moon went to her bank, he saw that she wasn’t accepting new applications.
“I almost feel like I’ve been cheated,” Moon said. “I sat for a few weeks waiting for Congress to do it and the President to sign it.”
ABC13 contacted Moon’s bank, who told us they would allow him to apply. Some banks have said they are overwhelmed with demands for the first round of PPP financing. Once these applicants are helped, they will open up the process, but you may want to consider looking elsewhere.
The SBA says there are 1,316 lenders in Texas that it works with. Moon said if he needed another bank to work with him, he would because he couldn’t wait any longer.
“I continue to watch the dollar amount in my bank account continue to decline,” Moon said. It’s what keeps me awake at night and turns me around and around. “
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