Encouraging PPP results
The federal government’s Paycheck Protection Program (PPP) ended on August 8, marking a milestone in the nation’s small business sector. As we step back to assess results, we’ve learned a lot.
We’re proud of our client businesses, who stepped up under extraordinary and difficult circumstances to secure available resources to weather the ongoing crisis. All told, Pango Financial was honored to submit 731 loan applications, totaling $23,907,729, on behalf of our clients.
- That’s 731 small business that didn’t go under
- That’s 731 business owners who felt a little less vulnerable to an existential threat no one saw coming
- That’s thousands of employees who were able to support themselves and their family members through the crisis
To streamline the process, we worked closely with WSFS Bank, the designated financial institution that processes applications for federal relief funds for Pango. We’re also proud of our teams who worked 12-hour days over the months, starting on April 27, to make it happen. Here’s what that process looked like:
- Documentation: Our team members worked with individual business owners to gather tax returns, W2s, Schedule Cs, form 940/941s and other paperwork.
- Application: To prevent avoidable application rejections, we reviewed paperwork individually with each client to ensure every piece of needed information was included and every requirement was met.
- Accounting: Our in-house accounting team reviewed all completed applications to ensure all the numbers checked out and, if necessary, were updated before final submission.
Our performance in this effort is reflected in the client reviews we’re seeing on Trust Pilot.
Otherwise, don’t hesitate to contact our small business specialists us at 1-855-WHY-PANGO (1-855-949-7264). In good times and bad, we’re here to help.