During the first round of PPP funding, CFO Network advised clients to move forward quickly in order to secure a place in line before the funding ran out. That window lasted about a week and a half with only about 5% of small businesses getting their applications submitted. During that time, we helped over 140 companies get their applications submitted and approved. Many got their funding by the end of the first full week.
The Senate just approved a second round of funding for the PPP program. Last time If you missed out the first time, this is your chance.
If you are going for the PPP, the key is to start now. Here’s 4 ways to get the funding you need, starting immediately:
- Get your information together. You will need payroll information for last year and year to date. Hopefully you can produce payroll reports with sufficient detail that will allow your banker to determine the amount you can get and the necessary documentation to substantiate the number.
- Do some research on the PPP. There are numerous guides online. Familiarize yourself with the program and what is required in order to get funded.
- Get on the phone with your banker right now. Make sure they are participating in the plan. If they are, start having conversations with them now. Ask them how they did getting people funded in the first round. Some large banks tried an automated approach and it failed, making things very difficult. Some smaller banks that had less volume actually did well by using less automated methods. Make sure they know and agree that you are a priority, and that if you go with them, they will get the loan submitted within 2-3 business days. If they are not confident in that, you may need to consider other sources. If you do not have a relationship with your bank, I would encourage you to call around. Use your network to help you find a banker who can get this done for you.
- Once you have a banker who will work for you, let them lead you with what they will need in order to be able to expedite the application. Do they have a checklist, a form or a template you can use? Get going on the information and get it to them as quickly as humanly possible. Have them look at it and give you feedback on if it is what’s needed. Make sure they let you know if there’s anything else that would be helpful for them.
Small businesses need to be ready to move forward aggressively with getting funding they need to survive. Give Allen Engstrom a call at 501-823-2363.