Paycheck Protection Plan – update from our Chase banker

In the effort to share information as quickly as possible, I wanted to give you an update that we just received from our banker at Chase Bank. I am assuming this is a nationwide policy, or at least a regional policy.

Here’s the message I just received:

Here is an update based on the conversation I just had with XXX at Chase. 

All Chase business bankers are personally processing each loan request.  He said they can only handle about 10 a day and they are going in the order of when businesses clicked the box on the Chase.com website.  It looks like we did that about 3:30 on Friday.  He said that we are in the queue based on the email reply that you got.  Next step will be that someone (like XXX, but probably not him) will contact you by email with instructions for sending the documentation.  He said you should immediately reply with required documentation attached and request a time to speak to them over the phone.  They will input the information into the Chase system and it is helpful to be on the phone with them while they do.  He said that it may be as late as next week that we hear from them depending on where we are on the list.

He suggested having the following completed and electronically ready to send:

Loan Application from SBA.

Estimate on how the money will be spent – Payroll $X, Rent $X, Group Health and Benefits, $X. (I will work on this).

Tax Returns, other 3rd party reports that support numbers submitted.

Financial Statements that agree to tax returns.

So, it doesn’t look like it will be that hard to gather the information and there isn’t a self-serve portal that most of us were expecting.

The roll-out of the PPP has been a disaster with different banks using different technologies and methodologies to process these loans. For right now, it looks like we’ll just have to be patient and wait to see how this plays out. I can imagine that the process described above won’t be manageable and they might find a way to streamline the loan application process.