Many small company owners are questioning if they can still qualify for SBA assistance as the COVID-19 outbreak continues to have an impact on industries around the United States. Yes, but it depends on the particular grant program in which you are interested.
Several grant programs are currently available through the SBA, including the Shuttered Venue Operators Grant (SVOG) and the Economic Injury Disaster Loan (EIDL). Applications for the EIDL program are still being accepted, but money is limited and enterprises in low-income areas, those with fewer than 300 employees, and those whose revenue has decreased by 30% or more are given preference. Although the SVOG program is now closed, a reopening is anticipated shortly.
Although the SBA is still accepting grant applications, several businesses have reported having trouble getting them. Finding a lender to work with has been one of the challenges. The demand for SBA loans and grants has overloaded many banks and lenders, and others have stopped taking applications altogether.
Wells Fargo is one bank that has come under fire for the way it manages SBA loans and awards. The bank has been charged with favoring bigger companies over smaller ones and with processing loans and grants too slowly. In order to help small businesses maintain their employees on the payroll throughout the epidemic, Wells Fargo has halted accepting new Paycheck Protection Program (PPP) applications.
Therefore, which bank offers the best PPP loan? It’s challenging to say because standards and procedures vary among banks. However, Bank of America, Chase, and PNC are a few institutions that have gotten praise for the way they handled PPP loans.
Similar to this, it might be challenging to determine which lender is appropriate for a PPP loan because so many different lenders take part in the program. Finding a lender with SBA grant and loan experience who has a solid reputation for customer service is a smart idea, though.
In conclusion, it’s critical to be informed of the particular requirements and restrictions of each program, even though the SBA is still accepting award applications. Additionally, it’s a good idea to do your research and locate a lender with SBA loan and grant experience who also has a solid customer service track record.