The Paycheck Protection Program was funded by Congress. Again, there’s another chance to get at that money to keep your business afloat if you’re having trouble paying your employees while you’re not taking in revenue. But what about a mishandled PPP application?
Our Litigation Team discusses how you can keep track of your PPP application and hold the bank accountable if they mess up.
Hold Your Bank Accountable
Keep in mind that you have to apply for these funds through an SBA bank, a small business association bank. It could be your bank, but keep in mind that the bank owes you a duty to make sure that your application is processed in a timely fashion and in a proper fashion.
In other words, if the bank puts your application papers at the bottom of a pile or loses them and doesn’t file them, the money runs out and you don’t get money, you may have a claim against your bank.
Stay on Top of Your Application
Try and get your bank to commit as to when they’re going to file your SBA application papers. Try to get a memorialization of that, but by all means, be vigilant and make sure that the bank files your application properly because there may not be another opportunity.
There may not be any more funds, and this may be the last shot to keep your businesses afloat by using these funds and taking advantage of this program.
Bank Mishandled PPP Application? Contact Us.
Set up a meeting with one of our litigation attorneys here, or call our office at 303-688-0944.