Lessons learned from preparing and submitting PPP applications this weekend

Here are four Lessons learned from preparing and submitting PPP this weekend:

1.) Have your 2019 IRS 941’s at hand to send/upload, as almost all banks are requiring it,

2.) Don’t get frustrated, and please keep at it! Some bank portals are struggling to keep up with volume and even banks (Wells Fargo) have reached their limits. Between Wells Fargo and BOA as of this morning, almost $50B (14% of the original $350B) is already in process – so please make time.

3.) Even if you don’t have everything ready/perfect, get the base application submitted as almost all banks will have some back and forth / next steps,

4.) Understand the banks don’t have all the answers, they are learning real-time like us. They are however focused on helping, because we (the “Borrowers”) are effectively acknowledging to hold harmless your bank from any accountability on your submission and/or your PPP calculations. They are just “processing” and supporting the SBA processes in line with federal guidelines.

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