Newtek Business Services Corp.
Dear Loan Applicant:

We appreciate your patience and are unbelievably sympathetic to your wait for us to issue you a Paycheck Protection Program (“PPP”) Application and Secure File Vault for uploading the necessary loan documents. You may have heard the current round of PPP funding is running out of money. You may also have heard a second round of funding for $250B is being negotiated. While we believe this additional funding is possible, there is no guarantee and it will likely go just as quickly. The needs of 30 million small businesses across the U.S. have not begun to be satisfied by this initial round.

To-date, Newtek has issued approximately 10,000 applications and Secure File Vaults, and you are in line to receive the same. With the high demand, this is taking longer than any of us would prefer. The facts are, unfortunately, that only 1 million businesses out of 30 million nationwide have received an SBA guarantee number so far. We know many of you find this disappointing, as do we, but we find ourselves in the company of the thousands of lenders that are trying to process the requests of tens of millions of small businesses.

We have had a high number of applicants that have not responded to our requests to continue with loan application process, and we will be notifying them that they have 48 hours to begin the activity. If they do not, we will terminate their application and extend the offer to begin the process to the next people in the queue.

Newtek is trying to be as communicative as possible with the limited information and guidance provided to date by the U.S. Treasury and Small Business Administration. The SBA’s computer system was not designed to process the many millions of PPP loan applications it is receiving. While we wait for them to issue guarantee numbers for each PPP loan application submitted, Newtek is funding, getting SBA loan numbers, and sending out applications and Secure File Vaults.

Newtek is here to help you, but we also encourage you to seek financing where you can.

Please see our PPP FAQs: https://www.newtekone.com/ppp-faqs/
Please see press release issued Monday: Ihttps://www.newtekone.com/sbaseconomic-injury-disaster-loans/
and feel free to contact us at info@newtekone.com or at 855.763.9835