Check back frequently for updates and answers to the questions we’re receiving most frequently.
PATHWAY LENDING | PPP/7a LOAN RESPONSE
The PPP Applications opened last week and there is already a VERY HIGH demand. Pathway Lending is not a provider of PPP/7(a) loans, although we are an SBA micro lender and we often show up on SBA generated lender lists. I hope the following information can be helpful as you move to next steps.
Paycheck Protection Program (PPP) loan applications are submitted through SBA 7(a) Lenders. All current SBA 7(a) Lenders will be eligible to make PPP loans, so you should contact your bank first to see if they are offering PPP loans. Many banks are prioritizing or limiting PPP applications to current clients. If you cannot apply through your bank, what are your next steps?
1. Identify another local bank.
SBA PPP Finder
2. Consider a national lender. We are aware of several national PPP Lenders and there are others on the list. As of April 3rd, we have heard of:
Community Reinvestment Fund (CRF) [Experieincing some delays until online platform is released]
3. Understand how to apply. Review the Small Business Owner’s Guide to the CARES Act & Review the PPP Application. The PPP Final Guidance is attached and your lender can also help answer questions.
4. Gather payroll paperwork. This information is required to complete your application.
PATHWAY LENDING | EIDL RESPONSE
You may also be eligible for the Economic Injury Loan Program (EIDL) directly through the SBA Website. This loan advance can provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Funds will be made available following a successful application. This loan advance will not have to be repaid.
PATHWAY LENDING | RESILIENT BUSINESS RESOURCES
Pathway Lending offers weekly workshops on resiliency and recovery topics. These are Free and Virtual. Register online for these weekly offerings.