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I helped my mom do her PPP paperwork. She submitted on the first day that US Bank allowed applications. She then spent the next 4 days going back and Forth wi
by imroot 6y ago
I helped my mom do her PPP paperwork.
She submitted on the first day that US Bank allowed applications. She then spent the next 4 days going back and Forth with US Bank over her paperwork. She had a loan approval from US Bank, and then...nothing.
...until Wednesday, when she got an email saying that the funding had ran out.
My mom plans on keeping her staff employed while they work from home for as long as she can, but, she had enough money to run payroll on the 15th, and will probably not have enough money to run payroll at the end of the month -- hospitals have stopped having elective surgeries, and many of them are 60+ days behind on their bills right now.
I know that the banks were hammered with applications and there are a lot of people who are in the same situation as her. I'm hoping that when they add funding to the program, that businesses like hers (who were approved provisionally, but ran out of money) would be processed first.