The SBA Paycheck Protection Program (PPP) opened just over a week ago on Friday, April 3, 2020. Despite unclear direction from the SBA and many questions left unanswered at the time of launch, our team has worked tirelessly to service our customers seeking PPP funding. As of close of business Friday, April 10, we have over 400 PPP loan applications totaling over $76 million in requested funding in our pipeline. We received clearer guidance and began funding these PPP loans late in the week.
Effective Friday, April 10, sole proprietorship, independent contractors and self-employed customers are now able to apply for PPP funds. If you fall into one of these categories and wish to apply for PPP funding, please submit to your banker a completed loan application along with documentation to establish your eligibility such as payroll processor records; payroll tax filings; form 1099-MISC; or income and expenses from a sole proprietorship. If you do not have contact information for one of our bankers, please visit www.moodybank.com/about-us for a full listing of Moody Bank locations.
We are grateful for the opportunity to work with our customers during their time of need and appreciate your patience and understanding as we work through the challenges that come along with the fast implementation of a complex process. As we move into a new week, we will continue working around the clock to submit and process PPP loans.
