The SBA will begin distributing a second round of PPP loans on Monday, April 27.
crisis, allows companies with 500 or fewer workers to get a loan for up to $10 million. The loan would be forgiven as long as at least 75% of the money is spent on retaining employees. The program was designed so businesses could work with their local FDIC-insured banks. The banks submit applications to the Small Business Administration , and according to Treasury Secretary Steve Mnuchin, can get approved the same day.Tune into ABC at 1 p.m. ET and ABC News Live at 4 p.m.
Treasury Secretary Steven Mnuchin discusses details for economic relief during the daily coronavirus response briefing as Small Business Administrator Jovita Carranza listens at the White House in Washington, April 2, 2020.Here’s an inside look at what happened with round one and what’s happening now.
Nelson gathered his 175 employees and repurposed the bank into what he calls an"SBA loan factory." The bank’s entire focus -- working around the clock -- would get those PPP loans for small businesses in neighborhoods throughout Iowa and Minnesota. Collecting the right information, auditing thousands of quickly thrown together documents, and doing it all under the extreme conditions of the coronavirus pandemic presented several challenges, but the biggest challenge by far, was submitting the paperwork.
After years of working closely with the SBA, West Bank was locked out of the E-Tran system on the first day, which was a Friday. According to Nelson, Sen. Joni Ernst helped West Bank get the SBA to unlock its password over the weekend. From then on, Nelson said access to the E-Tran system was sporadic, so he established night shifts to access the system when the usage wasn't as high.A local business is closed until the state "stay at home" order is lifted in Detroit.
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