There is far more chaos than clarity on the street when it comes to the government relief efforts for small businesses through the CARES act. A wise man once told me to follow the money. In essence, $349 B is allocated towards the Paycheck Protection Program (PPP), $10 B is assigned to the EIDL program, and $17 B is allocated towards payment relief for existing and new SBA 7(a) borrowers.
As of this morning, you cannot apply for a legitimate PPP loan anywhere. And the idea of the PPP program is that you will apply at your bank. Lenders can't start processing them – because they are all waiting (as a first step) for guidance from the government about the hundreds of nuances in the law. Kudos to ethical banks whose teams are working around the clock to prepare, and in the meantime, are honestly advising their customer that they need to wait. Be extremely wary of other "lenders" who are taking applications now—a lesson in ethics 101.
On the EIDL front, the SBA has indeed launched a new simplified application. That's good news. The bad news is that you can get through a few pages and put in your bank information to hopefully receive your emergency $10,000 in a few days, as of now the process starts there. As of this morning, nothing further is built for requesting additional relief and monies.
Keep in mind that if you are an existing or new 7a borrower, according to the law, your next six months of principal and interest payments will be forgiven. While this should happen automatically, it's a good idea to reach out to your bank about it.
At Multifunding, we believe the best service we can provide now is education. That's why we have been and will continue to offer free daily public webinars that thousands are attending daily. Feel free to join in. We have also launched a series of limited more private support options if you prefer these.