RI's Newest Bank, Chase, Warns They Can't Process Amount of PPP Demands
GoLocalProv Business Team
RI's Newest Bank, Chase, Warns They Can't Process Amount of PPP Demands
The initial $350 billion allocated to the PPP was depleted in about ten-days. The second round may go just as fast.
Chase Posted The Following Message
April 27, 2020 3:00 p.m. ET
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We’ve started submitting applications to the SBA for the additional Paycheck Protection Program funding that Congress has approved. While we cannot guarantee how many new loans will be funded under the program, we will work diligently with the SBA and Treasury to serve as many small businesses as possible.
I wish we could help every business through this program, but funds could run out again quickly and we have preexisting applications in our queue. We know how important this funding is to your business, and will continue to process and submit applications until funds are exhausted.
At this time, we are not taking new applications, but will keep monitoring the funding availability and may consider taking new applications in the future.
Sincerely,