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How to move your PPP application to the top of the line?

April 7, 2020

UPDATE:  Why are banks focusing on current clients?  From our sources, lenders’ current clients have been vetted and they know these are ‘real’ companies and people.  IF your bank is at its limit (e.g., Wells Fargo) or those whose systems are not accepting paperwork, be sure to prepare yourself for a bit more scrutiny.  A relationship with or strong referral introduction to a different Banker/Lender may help your application move forward if you do not currently have a SBA or other loan.

Tips from Tom Andolsen, VP SBA Business Development Officer, The Bancorp.

  1. Make sure your package is complete, well documented and without anything a ‘banker’ will need to revisit or revise.  At this time, getting through quickly is your goal.
  2. Use attached calculator & fill out PDF form – sign & date.
  3. Make sure your Payroll is verified:
    1. Put 940/941 with W2s from Jan-Dec 2019  (or Mar 2019-Feb 2020) in a single pdf  OR
    2. ADP/Paychex PPP calculation  OR
    3. Payroll summary
paycheck-protection-program-application-3-30-2020-v3

https://www.deltabusinessadvisors.com/wp-content/uploads/2020/04/paycheck-protection-program-application-3-30-2020-v3.pdf

[embeddoc url=”https://www.deltabusinessadvisors.com/wp-content/uploads/2020/04/paycheck-protection-calculator-rev.xlsx” download=”all” viewer=”microsoft”]

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