letter from Chase Business Banking
Dear Business Client,
The Senate has approved additional funding for the Paycheck Protection Program and the House is expected to vote tomorrow. This is encouraging news for thousands of our small businesses.
Even as the first phase of the PPP program concluded, we continued to dedicate more than two thousand of our Chase professionals working in shifts around the clock to prepare for the upcoming second wave. While we cannot guarantee how many new loans will be funded under the program, we will work diligently with the SBA and Treasury to serve as many small businesses as possible.
As soon as the SBA gives the green light, we’ll begin submitting applications from our queue starting with the many small business owners in Stage 3 – Awaiting SBA approval. You should have received an email with your updated status earlier this week. I wish we could help every business through this program, but it is likely funds will run out quickly for this round. You should take appropriate steps for your business.
Below are the general stages each application goes through:
We know how important this funding is to your business, and we will continue to process and submit applications until funds are exhausted.
Thank you for being a Chase customer.
CEO, Chase Business Banking