Situation
An S corporation was eligible for a PPP loan, but at the start of the pandemic, the company did not
feel they were going to need one, so they did not apply. However, as the weeks went on, they realized
they did indeed need to apply for the loan and reached out to their business banking institution. They
were told that the bank was not accepting any additional applications as they had no more funds
available. The company tried a few other banks who turned them down as well and then reached out
to CBM for assistance.
Action Taken
When the company reached out to CBM, they were put in touch with the professional staff who had
been working since the beginning of the COVID-19 shutdown to educate themselves and clients on
the PPP loan process, including changes that occurred as the process moved forward and the pandemic
continued. The CBM staff had the knowledge and established relationships needed to connect the
company with a banking professional who could assist them and accept their application once
completed. As CBM was already involved in the company’s payroll processing and tax preparation,
they were able to provide the company with the necessary reports and documents to assist them in
completing and submitting the PPP application to the bank.
Result
To meet the banking institution’s requirement to have an established relationship, the company
opened a business checking account. They then submitted their loan application and all requested
documents. The company received loan approval and receipt of the funds via deposit to their account
in about seven days. They maintained contact with CBM for further assistance with the PPP loan
forgiveness process.