7. MONDAY - Apr. 6 UPDATE for Roasters on SBA resources

Last week was a hurried run-up to the April 3 deadline for "banks to be ready" to start accepting Paycheck Protection Program (PPP) applications. (See this blogpost to learn about the PPP program.)

From what I've heard, some banks did start accepting applications on Friday but the federal SBA did not give final guidance to SBA lenders until Friday morning (Apr. 3rd). So the biggest banks postponed even accepting PPP applications until today (Apr. 6) or even tomorrow, April 7. I understand the big banks are creating website portals on which applicants -- LIKE YOU, IF YOU ARE A ROASTING COMPANY -- may use to apply for PPP funds.

See this blogpost for the "steps to take as a roaster." But here are some further tips given what we've learned in the last few days:

1. It is important to decide whether a PPP loan-that-turns-to-a-grant is right for your business. One roaster I talked to last week was thinking that for her small, single-location business, with 15 - 17 staff total, the Economic Injury Disaster Loan (EIDL) Advance grant, which is an $10,000 outright grant, was the best fit for her needs. (Click here to learn about the EIDL and why it has the confusing term "loan" in its name.)

2. If your bank is not an SBA lender already, this is a major obstacle. That is actually the case for my business. So first, as advised in the paragraph above, I applied for the EIDL. Then I started calling banks and institutions where I had relationships with an individual loan officer because I had applied for business loans at their institution. I asked if they would help. All three flatly said "no." They are only helping current customers, with a checking account. It is understandable.

• OTHER POSSIBLE OPTIONS for my PPP application and yours: 
• My credit card is with Chase. I called Chase customer service on Friday and learned they are one of the big banks which will only be opening their portal on Monday or Tuesday (today or tomorrow) and the service representative had no idea whether I'd have access as a credit card customer. (I kind of doubt it, but I will try.)
• A group called NAV serviced one of my student loans years ago and got in touch with me (by email) with links to their portal for PPP applications. Click here for their on-line application, but I suspect it is only for people that banked with them previously. My suggestion here is to broaden your search for a lender that will help you by even thinking about your student loan banker! In case it helps, check out NAV's SBA loan Facebook group . 
• A local SBA lending bank might consider taking your "non-customer" PPP application a week from now. I had one local bank in my town tell me this. This is nice, I must say, since 4 other banks flatly turned me down, but it is a tenuous offer and does not reassure me that my business would be considered before all the PPP funds are gone.

The key is persistence, as is so often the case as a small business owner!

Click here for easy resources from the SBA of Michigan (which is doing an excellent job of updating small businesses across the country).