SARASOTA – It’s been a nightmare for small business owner Linda Sheppard to get any answers as to why it’s taken so long for her bank to process her application to receive her Paycheck Protection Program Loan (PPP).
We first spoke to Sheppard on March 20th after a month had gone by when she first submitted her application with the Small Business Association (SBA)…since then she hasn’t seen a dime of the $350 million dollar stimulus package from the SBA.
“I got all the documents together and through bank of America who was their underwriter,” said Sheppard. “We posted all of the documents, and the tax returns, and all this other good stuff. And again we have another waiting game.”
Sheppard owns A Victorian Bride Hair & Makeup, but due to the pandemic she hasn’t made any income in almost three months. She applied for a $10,000 loan with Bank of America to cover 6 months of payroll and other business expenses, but was only approved for $237.
“I said I’m denying this loan because it’s not worth the paper you’re writing it on. It just was an insult and I’m very upset about it because I’ve been with Bank of America for 30 years,” said Sheppard.
But she isn’t alone, several other small business owners haven’t received their government assistance. However, some are finding more luck turning to community banks, like Sabal Palm Bank.
President & CEO of Sabal Palm Bank, Neil McCurry, says they’ve provided nearly $70 million in PPP loans to hundreds of Suncoast businesses.
“We process every one of them in Sarasota, local people handle them,” said McCurry. “As of midnight last night everybody that has applied through us at this point has gotten SBA approval.”
McCurry says their applicants are receiving their PPP loan 24-36 hours after initially submitting them through their bank. He credits his staff for working tirelessly to help members of their community through these tough economic times.
“We have for the last 15 years said we’re a community bank that’s going to support the community, and frankly this is where our time to put our money where our mouth is,” he said.
McCurry says Sabal Palm Bank is still accepting new applications and you don’t need to be a member with them to apply. For more information on applying for the PPP loan visit sabalpalmbank.com
