Can Paycheck Protection Program lenders add additional requirements?
Post date: 2020-07-09 06:15:06
Views: 115
I have asked several participating lenders for assistance through the federal Paycheck Protection Program. All of them have turned me down because I'm not a current customer. Is this legal?
I am a small business (6 people) and I currently bank with a local credit union that is not participating in the PPP. I'm trying to get access to PPP funds, as I qualify for all of the requirements listed on the federal PPP website, but I have to find a participating lender. Every one I've contacted has told me that I must currently be a customer to qualify, and it doesn't count if I just open an account for this purpose.
Is it legal for participating lenders to add additional eligibility requirements and barriers to the PPP funds?