Adafruit has been closely following the SBA Paycheck Protection Program, interpreting the changing guidance and readying the payroll documentation that may be requested. We were and are prepared with our payroll numbers, documentation and SBA loan application.
On Thursday, April 2, Secretary of the Treasury, Steven Mnuchin, along with the SBA announced that lenders would be ready to accept applications on Friday, April 3, even stating that money would be deposited directly into accounts same day.
Adafruit has been a JPM Chase banking customer for many years (from WaMu to Chase for over 10+ years). On Friday April 3, Chase indicated they were not ready to accept applications, stating that they were still awaiting guidance from the SBA and the application process may be delayed.
Early morning, April 3, there was still no indication from Chase that applications were being accepted. We looked for emails or activity on their @ChaseforBiz or @Chase Twitter feeds, during the day Steven Mnuchin tweeted updates about loans being processed:
Chase later updated their COVID-19 page stating “We aren’t accepting applications for this program at this time. Check back for updates.”
Chase’s COVID-19 page went offline for a significant amount of time. When it came back online an hour later, we were prompted to ‘Get Started’ by submitting our information to apply for a loan:
Now we wait for a Chase Representative to contact us. There is not a reference number or timeframe, we’ve reached out to our bankers at Chase.
Adafruit is a 100% woman owned manufacturing company in the heart of NYC. We were deemed an essential service and business for critical manufacturing in NYC by executive order 202.6. We are currently making face shields and making/shipping critical components and electronics for COVID-19 related efforts and testing.
Even as we operate at a limited capacity, our employees are our top priority. We are continuing to pay all of our employees, contractors, cleaning staff, everyone – at this time. We have had no layoffs, or furloughing so they do not experience an interruption in their pay or health benefits during this stressful time. We will do this as long as possible.
As of 4/4/2020 it looks like the banks are waiting on the SBA.
Update: 4/5/2020 We received this email. “We received your Paycheck Protection Program inquiry”
Dear Business Client,
We received your SBA Paycheck Protection Program inquiry, and know that you may need this funding urgently. We appreciate your patience as our technology teams and our bankers work to help you access the funding as quickly as possible.
You will receive either:
• An email asking you to go online to complete your application or
• A call to complete your application over the phone
Our branch and call center teams can’t answer any questions about the program or the status of your loan.
Again, we know how important this funding may be to you and to your business.
Thank you for being a Chase customer.
4/16/2020 – We received the PPP loan for $1,157,500