Paycheck Protection Program Update
Lenders began accepting loan applications for the PPP on April 3, 2020. There has been an overwhelming response. Some larger banks have received millions of applications. Wells Fargo, for example, is not taking applications as their allotment is full. Many lenders require the borrower to be an existing bank loan and deposit customer but some do not. If you haven’t filed, check with your bank and if you don’t have success there, check with any banker you know.
It appears that the smaller community and regional banks have been much more responsive than the national banks who were quickly overwhelmed. This program has not been without hiccups. But, it was stood up in 6 days and we are only 10 days into it.
It’s the best thing since sliced bread. Don’t put it off or you may be left behind.
Stephen Moorhead is the Managing Partner of Moorhead Real Estate Law Group.
He is Board Certified in Real Estate Law by The Florida Bar’s Committee on Education and Legal Specialization and has extensive experience in real estate litigation, real estate development, and all aspects of complex commercial real estate transactions.