We wanted to give you another update on the PPP application and our role in helping you apply for those funds.
We have been working non-stop since the CARES Act was passed in March to make sure we would be ready to accept PPP applications from our customers. Unfortunately, for most lenders, there remains a bottleneck at the SBA. Roughly 10% of the $350 billion has been approved as of this morning and confusion among banks and lenders regarding the SBA’s requirements has caused most banks to be cautious and start slowly. Funds are still available — the Treasury is already working on approval for another $200 billion for the PPP as of this morning.We believe more lenders will begin accepting applications later this week.
As of April 7, our SBA lending partners are not ready to accept your application. We're working with the SBA as quickly as possible to get funds flowing to you, but it's taking more time than anticipated. If you completed our form, we have your information securely stored and we will be ready to submit it when you are ready. If you have yet to complete the form, you can do so here.
The moment the SBA is ready to distribute funds to those who applied through our website, we will reach out to you and help you get the funds you need for your business.
* Please keep in mind this information is changing rapidly and is based on our current understanding of the programs. It can and likely will change. Although we will be monitoring and updating this as new information becomes available, please do not rely solely on this for your financial decisions. We encourage you to consult with your lawyers, CPAs and Financial Advisors.
ROC Working Capital Solutions