The first round of PPP loan funding was used up in 14 days. Now, Congress is set to pass a second round of PPP funding. We’ll refer to as “PPP2”. There are a few changes to the rules surrounding PPP2, and we explain those below. However, we’ve been busy enhancing our PPP loan application, and have made partnerships that will help you and your small business get the PPP funding you need to stay afloat through this pandemic.
The $60B Community Bank Carve Out
PPP2 contains a provision that sets aside $60 billion for loans only from lenders with less than $10 billion in assets, meaning small community banks. Now those lenders will not be blocked out by the huge banks getting there first and taking the max loan amount for their much larger clients.
Small Businesses: Apply for PPP2 at FINSYNC.com. We’ll Find You a Lender
We’ve built a complete PPP application — complete with tools for calculating your average monthly payroll costs and loan forgiveness tracking. We’re sharing our application with any and all community banks and credit unions for free. If your institution is in our network of lenders, we will connect your application directly to them. If not, we will connect you with a lender who can service your loan.
The FINSYNC PPP application will provide your business with everything required for PPP compliance up to and including a tool for loan forgiveness tracking.
Many small businesses applied for PPP loans and either didn’t get approved or didn’t hear anything at all back from their bank. Our online application is now connected to SBA’s ETran system, so banks and credit unions that partner with FINSYNC know within a few seconds whether your application was accepted and approved.
Lenders: Use the FINSYNC Online Application to Speed Up Your Process
Many lenders processed all their PPP applications manually. That’s ok, but it’s slower than a computer can process information. PPP2, just like PPP, is “first come first served”, so speed matters.
Any lender can get our online application up and running for their business customers in just a few minutes. Eliminating manual processing, and submitting the application into the SBA ETran system.
The result is faster funding for small businesses.
Changes from PPP to PPP2
The first round of PPP had its issues, so Congress has made some changes to PPP2.
- Businesses can apply to more than one lender.
- Businesses are not required to have an account and/or a loan with the bank with which they apply.
- Self-employed and Independent Contractors can apply as soon as funding opens. As opposed to a week after funding was available for PPP.
- $60 billion is allotted to smaller financial institutions. Those with $10 billion or less in assets will get $30 billion and another $30 billion will go to banks with $10 billion to $50 billion in assets.
The original intent of the PPP program was to help small businesses, and the changes to PPP2 better align with that intention.