Businesses have a day to get approved for loans on the $ 134 billion remaining in the federal paycheck protection program. Now that this is drawing to a close, some companies are filing their claims at the last minute.
In April, a PPP loan seemed like a lifeline for Richard Marks. He runs a professional training company called RDM Management Group, a business based on face-to-face meetings that never happened.
But Marks has no employees. So from the start, he wasn’t sure if he was eligible for a loan.
“My interpretation was that I had to have employees on a payroll to apply for PPP,” Marks said.
About two weeks ago, Marks heard from another business owner without an employee who received a P3 loan. So Marks applied and the Small Business Administration approved his application last Friday. He is relieved but would have liked to know sooner that he was eligible.
“If you’re not plugged in, if you don’t know what you don’t know, you end up missing out,” Marks said.
Some business owners resubmit applications at the last minute, even if they’ve been trying from the start.
“I was like checking my emails,” said Holly Dreeuws, co-owner of Waterline Pools and Spas in San Diego. “I have never checked my emails so much in my life. I’m constantly checking to see if I have anything.
She was rejected four times before finally submitting an accepted application. Once because the first round of PPP money ran out. Another bank said it couldn’t apply without an existing account.
After a while, Dreeuws said, she gave up hope. She is even considering taking out a personal loan to run her business.
But last week she applied through a new bank and got approved.
“My husband and I were delighted. In ecstasy! “Said Dreeuws.” It has been a very stressful few weeks for us, financially. “
Not everyone is there yet. Sherard Duvall, president and CEO of OTR Media Group, a South Carolina-based media production company, has applied for a PPP loan from seven lenders without success so far.
“It’s been a chore and a three-month struggle,” Duvall said. “Frustrating is probably the best word to describe it. Heartwarming, really.
A bank approved a request Duvall submitted a few weeks ago, but he still doesn’t know if the SBA approved it. He applied through another lender last week, but he’s asking for more paperwork.
“Looks like I’m going to be on the wire,” Duvall said.
Duvall said the PPP money would help him pay for employees, utility bills, rent, and bills he still hasn’t paid. But at this point, he has very little confidence that he will receive help.