“I am attempting to run this company every day with a skeleton team, stressed about my staff who are at house, and now I am holding my breath due to the fact that I have no idea if I will even get a loan,” Morrow stated. Some banks state more assistance is still needed from the Small Business Administration prior to moving forward, while others state they are not yet ready to process loans however are accepting applications. Banks submit applications to the SBA and secure e-Tran loan numbers before being able to take further action with regard to paying out the loans.
“I am attempting to run this business every day with a skeleton crew, worried about my personnel who are at house, and now I am holding my breath because I have no concept if I will even get a loan,” Morrow stated. Some banks state more guidance is still required from the Small Business Administration before moving forward, while others state they are not yet prepared to process loans but are accepting applications. Fountainhead Commercial Loans, one of 14 nonbank SBA direct loan providers, has not begun processing these PPP loans as of Monday. Banks submit applications to the SBA and safe and secure e-Tran loan numbers before being able to take additional action with regard to paying out the loans. I have gone into my personal money and lent the business a loan.
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