Congress allocated an additional $310 billion for the Paycheck Protection Program (PPP) and $60 billion more for the Economic Injury Disaster Loan Program. This second round of resources were needed because of the popularity of the first PPP round of funding. The expediency with which the funds were claimed left many agencies and small business without access to these funds. This round is will provide vital support to keep businesses across the country afloat and prevent countless workers from losing their jobs.
If agencies are considering submitting for an SBA loan we encourage you to consider utilizing our national partner, InsurBanc. They were successful in obtaining SBA approvals for 83% of all agencies (including non-clients) who submitted a completed PPP application to InsurBanc.
Money started being disbursed to InsurBanc’s approved applicants on April 6th and has continued each day since. They have heard complaints from agents who had received PPP approval from their bank, but have yet to see any funds. Agents should confirm that their approval is an actual SBA PPP authorization, not just an internal approval by their bank to move forward.
InsurBanc is completing the applications that did not get approval in round 1 as a priority and will take registrations from any agency who has not yet received a PPP approval, including any of those who were previously sent an application by InsurBanc. The InsurBanc website is open and accepting agency applications.
The application process takes significant time to gather all of the documentation and records required for submission so if agencies are contemplating applying, they are encouraged to do so quickly. Please let us know if you have any questions or need additional information.