From COMBO Member Scott Fitzke on Facebook, 4/18/20: Here’s my experience. The Small businesses that applied early (April 3-7) whose banks were prepared to accept applications and who read the instructions and did and provided everything timely were approved and either have been funded or will be early [next week].
With small businesses most of the problems were either self caused or were the result of overloaded banks or ineptitude on the part of the bank. I helped several businesses through the process and all were approved and funded before the money ran out.
The story is different for self-employed/independent contractors. Not being able to apply until the 10th put them at a serious disadvantage. Many, if not most, banks required the applicant to have an existing business account and would not accept personal accounts. Many independent contractors just have a personal account. The big banks were not accepting any new business accounts to get into the que.
And many banks and credit unions just decided that they weren’t participating in the PPP. Our musicians and similarly situated sole proprietor friends got hosed in this process if they had any of those roadblocks.
I do think that if the politcos get the second round of funding approved it will be easier next round. All of the businesses that I worked with were small, under 10 employees. Loan amounts ranged from $28,000-to $90,000.
R. Scott Fitzke
Shortridge Fitzke & Hultquist, P.C.
4 Inverness Court East, Suite 100
Englewood, CO 80112
(303) 694-2000 / Fax (303) 694-2020