As of this morning, less than $200 Billion was allocated out of the additional $310 Billion allotted for the Paycheck Protection Program. This is quite contrary to our original thought that these fund would run out very quickly. This is part due to 1) large loans are being substantively scrutinized and 2) the process was transitioned to a manual loan entry process that has slowed down the appropriation of funds considerably from what was anticipated and 3) banks are limited to how many applications per hour they can submit.

This means that if you have not already submitted an application and are considering it, there is still time left to do so.

I would recommend that if you are interested that you get on this immediately. While there may not be time to initiate a new banking relationship, there are a number of online lenders that are taking applications and processing loan requests.

We don’t know how long these remaining funds will last so time is of the essence if you wish to submit an application.

PPP Guidance released this FAQ guide today: Paycheck Protection Program FAQs