Consultant’s Corner: Last Call for PPP Loan Applications, Use the SBA’s Lender Match Tool

Q: As a small business owner, is it too late to apply for a PPP loan? What is the quickest way to locate a lender at this point?

In last week’s blog post we discussed the passage of the PPP Flex Act and the resulting impact on the Paycheck Protection Program.

Among other highlights, the PPP Flex Act confirmed that June 30, 2020, is the deadline for PPP loan applications.

Corresponding with the release of the new rules and guidance regarding the PPP Flex Act and the rapidly approaching deadline for PPP loan applications, SBA Administrator Jovita Carranza announced the launch of a dedicated online tool for small businesses, referred to as Lender Match, on Friday, June 19, 2020.

The SBA’s Lender Match Tool guarantees contact from a qualified lender within two business days of submitting information on the platform.

Small business owners who are considering, but have not yet applied for, a PPP loan should utilize the SBA’s Lender Match Tool as soon as possible, and no later than Friday, June 26, 2020. While not a guarantee of loan application approval, the Lender Match Tool is the quickest way for a small business owner to engage a SBA qualified lender at this time.

You can review SBA Administrator Jovita Carranza’s press release and learn more about the SBA’s Lender Match Tool by following the hyperlinks provided below.

SBA Rolls Out Dedicated Tool for Small Businesses to Connect with CDFIs, Small Asset Lenders Participating in PPP – SBA

Lender Match Online Platform – SBA

Taylor Hughes

About Taylor Hughes

Taylor Hughes is a Small Business Consultant with GoSmallBiz.com and holds a Bachelor’s degree in Business Administration and Management from the University of Alabama. He has been part of the GoSmallBiz.com team since 2017. Taylor helped launch an outdoor recreation company near Yellowstone National Park, and has worked in logistics with John Deere.