Since SBA’s PPP loans were launched just six business days ago, the lending community has received a demand surge that is unlike anything we have ever seen. Like many, we have been somewhat overwhelmed, yet honored by your requests. While we have been at the leading-edge regarding educating others about this program, lenders continue to be concerned about receiving proper, final guidelines to both close and disburse these loans. The Wall Street Journal noted over the weekend that many loans have been “reserved” and approved with loan numbers, but very few have actually closed and been funded.
We ask for your patience with us (and all members of the lending community) as we process your requests as quickly and responsibly as we can.