Raich Ende Malter and Co. LLP issued the following announcement on April 9
A new loan program was announced today. The Main Street New Loan Facility. $1 million to $25 million 4-year loans. Click here for details.
The process remains slow. Updated guidance continues to come out on the treasury.gov and sba.gov websites, which is helping to clear confusion. The guidance of 4/8/20 provides an explanation (Question 18) as to why you see most banks accepting applications from existing customers only. Questions 19 and 20 should be reviewed for guidance on timing and loan forgiveness. Wells Fargo is back in business processing PPP applications. Citibank’s website has PPP information available, but they don’t seem to be taking applications—they began to process applications in the afternoon. We have sourced a small number of banks who are taking applications for non-customers. These banks are looking for you to move your full banking relationship.
To date, we are aware of one company that has received a disbursement and one company that executed a note.
This is an ongoing series of updates provided to help businesses attain financial aid to offset loss of revenue due to the COVID-19 pandemic. Previous articles in this series can be found here.
Original source can be found here.
Alerts Sign-up