Silicon Valley Bank only started processing stimulus loan applications today [TechCrunch Blog]
SVB Financial Group (SIVB)
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Source: TechCrunch Blog
In a sign of just how broken the process is for startups looking to receive stimulus dollars, Silicon ValleyBank,“Since the CARES Act and the PPP were announced, we have been hard at work advocating for our clients to have access to this funding. We have been working around the clock to develop a process that works for our clients. Thousands of companies have indicated interest in the last several days,” a spokesperson wrote in an email. “We are currently accepting and processing PPP applications and continue to receive a high volume of interest. We will continue to listen to our clients and do everything we can to support their success.”The stimulus loans that startups hope to access were created to save jobs at companies affected by the government’s closure of non-essential businesses. The initiative is part of a broad range of measures meant to “flatten the curve” of the COVID-19 epidemic.For startup companies, the loan package has proven to be a source of nearly as much consternat
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