Paycheck Protection Program (PPP)
When the Paycheck Protection Program (PPP) from the Small Business Administration (SBA) opened on April 3, the initial funding of $350 billion was exhausted by April 16. Although the federal government is working to make an additional $310 billion available, the demand for funding from our country’s small businesses far outweighs anything the government currently can offer.
As you know, we are partnering with Newtek, a third-party SBA lender. You should have previously submitted your contact information through Newtek’s form, and Newtek is contacting members in the order their requests were received. Once Newtek is able to receive your application, a Newtek representative will contact you via email. Be sure to check your email often — including spam/junk folders — as it is imperative that you provide complete information in order to get you qualified as quickly as possible.
If you have not yet been contacted by Newtek, or if you haven’t provided all the necessary documentation requested, SBA funding may be exhausted before you can complete your application. We encourage you to look for alternate funding wherever you can, even if it’s with a financial institution other than RBFCU. If you decide to do this, there’s no need to cancel the request with RBFCU and Newtek until you have approval from another lender.
RBFCU understands this is not comforting news to receive during these stressful and uncertain times. While we are hopeful that the government will agree to make more money available to our small businesses, we want to make sure you have ample time to find other opportunities to get help if you need it.
Thank you for your patience and membership as we navigate a difficult situation for all involved.