Small business owner shares his struggle to apply for a PPP loan
Several businesses here in the valley have been asking for federal loans for weeks to help them stay afloat.
How would you describe the process?
“Miserable,” Barnes said.
Randy Barnes expresses his frustration when he tries to apply for federal funding from a larger bank.
“Slow, I couldn’t talk to anyone,” Barnes said. “Everything had to be done online.”
Barnes said he would check his emails several times a day to see if there was any hope on the way.
“This place has been at Rancho Mirage for 54 years and I couldn’t imagine it not being here for the next 54 years,” Barnes said. “So it was a lot of pressure and stress that I put on myself.”
Randy Barnes told News Channel 3 that after waiting 7 long weeks for his PPP loan, he finally got his funds last Thursday.
And if you’re in a situation similar to Barnes, CEO of Bank of Southern California, Nathan Rogge takes a look at what you can do if you wait.
“If you are now waiting 6-7 weeks for the bank you are in, you must either reapply with them,” Rogge said. “You need to go to another bank because it shouldn’t be on hold at this point.”
Rogge said it was important to start a conversation with the bank about the different programs available to small businesses.
“You have to match your businesses with a bank that tends to give the loans you need,” Rogge said. “It’s a quick call over the phone, I would call the local branch, I wouldn’t call a 1-800 number.”
Barnes offers his advice.
“Don’t give up,” Barnes said.