KANSAS CITY, Mo. — As small business owners figure out next steps, local banks are staying busy processing the thousands of loan applications being filled out.
At Enterprise Bank and Trust, when the Paycheck Protection Program (PPP) loan application opened, it received roughly 2,000 applications.
Employees were going through about three applications a minute.
Kansas City Regional President, Jeff Carson said it was a quick turnaround for them to provide what was needed for the applicants.
"We really had about a week to build a big loan processing, PPP processing center," Carson said. "And right now, we went from having zero to having 50 people that are processing PPP applications."
Here is a look at options for small business owners through Small Business Administration:
- Paycheck Protection Program: This loan helps businesses keep their employees employed during the pandemic.
- EIDL loan advance: This loan will provide up to $10,00 of economic relief.
- Express Bridge Loans: This loan is for business owners who have a business relationship with an SBA Express Lender. You could be able to access $25,000.
- SBA Debt Relief: This loan provides financial pardon to small businesses.
Carson shared some tips for small business owners as they navigate through this time.
"Keep it simple, be very patient with your banker, rely on your key support of your accountants, your attorneys, banker, your key advisors," he said.
He also mentioned trying to stay calm and speaking with other business owners who may work in different industries.
"If I were a business owner right now, I'd have a list of three to four business owners that I've met with, even just on a Zoom call once a week, just to get their perspective" Carson said.
For a detailed look at SBA's COVID-19 relief options, click here.
