BOCA RATON, FL (BocaNewsNow.com) — BocaNewsNow.com hears from a reliable source — although we stress we are not a financial website — that the SBA is NOT accepting loan applications from banks working with self-employed, single member LLC or “1099” workers.
The SBA was expecting to accept these applications starting on April 10th but delayed it several days. The latest report from those in the industry is that it may not happen until and unless there is a second round of stimulus approved by Congress. There has been such a demand for PPP or “paycheck protection plan” funds from companies with W2 employees — employees who receive a regular paycheck — that it’s expected all funds for the SBA program will be depleted before independent contractors applications are even considered.
Readers and viewers of BocaNewsNow.com and BocaNewsNow.com TV have been sending us emails they’ve received from Wells Fargo telling them to try elsewhere. The “elsewhere,” for now, doesn’t seem to exist.
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