Dear Loan Applicant:

We appreciate your patience and are unbelievably sympathetic to your wait for a Payment Protection Program (PPP) loan. As you may have heard by now, the current round of PPP funding has been depleted. You may also have heard a second round of funding for $250B could be available imminently. Because of this, we want to make sure your file is complete so we can go to the SBA for an etran number as soon as it’s available.

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. 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.

As for what’s next, your information is on file but we strongly encourage you to finish the application and online portal, so if/when a second round opens up with the SBA, you’ll have an early position in line to get an etran number.

Newtek Business Services Corp.