PLEASE READ - This is all moving at warp speed. Final SBA guidance has NOT been issued. You must exercise patience with us and the banks to make this happen.
Until final guidance is issued, we will not be releasing these to your lending institutions because they don't know how to process yet. Within the last 15 minutes some banks are saying online portals, etc. I'm clueless and so are the banks. We are proceeding as planned, may change tomorrow. We are doing these for 98% of our clients and our plan is have most complete in the next 5-7 days. The SBA continues to change the rules daily, so until they say this is final, we plan to get ready based on our understanding of the rules, which could change. Between the time I wrote this and time we are finalizing the interest rate jumped from .5% to 1%. Is this a big deal? No, but you get the point, changes minute by minute.
These are tough times for EVERYONE, so please don't worry about being 1st in line. An entire sector of businesses cannot apply until 4/10/2020. We are working diligently to get these complete as fast as we can.
Please be patient.
In the past 2 hours the SBA sent notices to local SBA offices to quit doing presentations on this until final guidance is issued. Several banks have backed out because they have no guidance. We will continue working in the background processing all of the requests we have received.
Please remember this is a pandemic, these are not normal circumstances. We may have your application already, and will work at it over the coming week to finalize. Our team has always met the goals we put out there. We moved 500 clients to ADP in a month 2 years ago. We will make this happen, but not overnight. Simply impossible.
We got this. Our team is up to the task.
We also ask for patience from those seeking guidance on non-PPP issues. We are trying our best to keep up with all of this in real time and take care of you. We appreciate the understanding.
I'm a huge Talladega Nights fan-but Ricky Bobby got it wrong on this one, "If you ain't first, you're last". It's ok not to be first, just don't be last.