Good afternoon to Schiff Dental Clients
I hope everyone is safe & well.
At 12 NOON , on Monday , April 6, 2020, here is a ADA Update, M & T Bank , TD Bank, BOA and other Banks and their PPP availability
ADA– I just heard from the ADA, and the ADA shared with me they won the issue as to whether or not you can file for an EIDL Loan and a PPP Loan and get both. The ADA won! ….…The SBA will be issuing a statement that you can get both loans.
M& T Bank Update
From my contact at M & T Bank >>>>its best for customers to visit the following landing page which provides information they should have ready to streamline the process (including documents needed).
TD Bank Update
TD Bank is accepting applications for SBA Paycheck Protection Program (PPP) loans electronically through our website.
Here’s what you need to know:
- You can apply directly at www.td.com/paycheckprotection
- Please visit our site as soon as possible to view the eligibility guidelines and documents required when submitting your application.
- Here is additional information you may find helpful:
- PPP does not require collateral or a personal guarantee but does require supporting payroll documentation.
- If approved, loan proceeds with be deposited into a TD Business deposit account.
- This is a limited time program that is only available until June 30, 2020.
- For more information, please visit the SBA website at this link.
This list is from one of our Schiff Clients >>
We completed the application which asked for some information, such as:
- Average Monthly Payroll (per our calc) …… BOA is asking for reports for all of 2019 through Feb 15 2020
- The amount we were requesting for the loan
- Name (including DBA), address, phone, fax of the practice
- Business organization (LLC, C Corp, S Corp, etc.)
- Ownership name, address, phone
- Contact name, address, phone, role/title with the business
- Check box questions re: good legal standing – no felonies, disbarred, discredited, etc.
- Check box statements re: all info provided is true and correct to the best of my knowledge.
It seems BOA will let you apply to “get in line” and then will ask for documentation at a later time. It took me about 15 min to get through the application. As of now it seems that they are only concerned with payroll documentation.
Please refer to my e mail of yesterday , on PNC financial document(s) requirements
Finally, if you need help in compiling your financial information from SCHIFF, please reach out to your Schiff Team Member. They will be happy to help you
Please stay well!