The reports on Tuesday, April 7th, 2020 state that of $61B in PPP loans approved, biggest two industries are Construction at $9B and Manufacturing at $7B. SBA has increased customer service reps from 300 to 2,700. This means small business owners in other industries scrambling to get SBA PPP loan money may be left behind if they are not in construction or manufacturing.
Make sure to get your Comerica Bank SBA PPP loan application in as soon as possible as banks are starting to close intake periods. On Sunday, April 5th, 2020 around 10:00 pm est Wells Fargo closed intake forms due to filling capacity.
As of Sunday, April 5th, 2020, Comerica has been very silent when it comes to the SBA PPP loan program. Their Twitter account makes no mention of the progress or the coordination with the SBA. This is getting very worrisome for business owners that are looking to make payroll as soon as possible. Let’s hope things change Monday morning.
We have learned that borrowers will receive a SBA ETRANS number or assignment/commitment number that will guarantee the money will go into your Comerica Bank business account. When the actual amount will be in the account is anyone’s guess at this point. We genuinely hope it is sooner rather than later as we know you want to make payroll as soon as possible.
With President Trump and the administrator of the SBA have been touting how great the SBA PPP loan program is going, millions of small businesses are wondering where their money is. At this point, no major bank or even small bank have been able to get the money for payroll protection into the accounts of small business owners. This includes Comerica Bank.
Name ONE Bank that is accepting PPP applications for new customers. I dare you to name ONE. Do Not say BofA, WF, Chase, Comerica, etc… Which banks lended $4.3B to small business? Audit. I can’t find one bank & I have the entire SBA list of banks. 😡😡😡
— mike_cab (@mike_cabuyao) April 4, 2020
When updates happen, who knows when, you will be able to find them here, on the Comerica page. Until then, millions of small business owners are left wondering what they are to do because they cannot pay their employees while their businesses are closed.
Most of Comerica’s customers are in Texas, Michigan, Arizona, California and Florida, which means there are dozens of different industries in which small business owners are trying to get money to pay their employees. These same small business owners do not want to add to the unemployment rate but there is nothing they can do if their business is closed.
Have you attempted to apply for a Comerica SBA PPP loan? Were you able to even submit an application? If you cannot get a loan through Comerica are you going to look for alternatives before all your money and savings runs out?