Applied Bank President Matthew Lee says it is now accepting Payroll Protection Act applications from non-customers.
“We know a lot of large banks have a backlog of applications for the SBA Paycheck Protection Program which is understandable given the demand but it has delayed getting needed funds to local Delaware small businesses,” Lee stated.
According to Lee, Applied Bank opened up its processing of applications for existing clients and local businesses last Friday and has been quickly processing applications and funding loans under the program.
“We would welcome the opportunity, and have the capacity, to assist additional local businesses who may still need to get their application processed and get funding in a quicker manner than communicated by their current bank,” Lee stated.
The Payroll Protection Act is a small business loan program that forgives the loan if an employer keeps staff on the payroll.
The percentage of forgiveness is based on the number of employees retained. Funding totals $350 billion, but demand is expected to exhaust that amount and perhaps lead to additional funding. The funding came as businesses saw a sharp drop in sales or were forced to temporarily close their doors.
As Lee noted, many banks have restricted applications to current customers, given the volume of requests.
Applied Bank has offices in north Wilmington and Rehoboth.
Those interested can visit https://apply.appliedbank.com/business or call (888) 839-7952.
