Dear Loan Applicant:

We appreciate your patience in your wait for a Paycheck Protection Program (PPP) loan. As you may have heard by now, the SBA has announced that the current round of PPP funding has been exhausted.

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 submit your application to the SBA for consideration as soon as it’s available. While we believe this additional funding is possible, there is no guarantee any loan will be approved and it is expected that funds will be depleted 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 portal, so if/when a second round opens up with the SBA, your application can be considered for funding.

Newtek Business Services Corp.