April 8, 2020
“Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule (“PPP Interim Final Rule”) (link). …”
If applying for PPP, Tim Collins, Texas Capital Bank, states that your best bet to get in on the program is to work with banks in the following order:
- Your bank that you have any kind of commercial loan with (term loan, LOC, BUSINESS Credit card) as most banks are working with their own commercial loan customers first in order to help insure those commercial loan customers don’t default on their commercial loans and these customers already have Bank Secrecy Act (BSA) clearance which federally regulated banks must adhere to.
- Your bank that you have a business account with as these customers already have BSA clearance.
- An SBA lender doing the PPP loans that you may not have a loan or account with – these applications will be processed following applications from # 1 # 2 above
When applying for PPP assistance, follow the order above in your application process because that will better ensure you can actually get the assistance you need!
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