Eileen Rodriguez is with the University of South Florida’s Small Business Development Center. She said community banks and credit unions are getting the first crack at offering the loans.
"They've given those smaller financial institutions the advantage of a few days to get their clients going and get them into the process before the larger banks can then start processing their clients as well,” she said.
It is one of many changes Congress made to the program, to ensure money goes to businesses that need it the most, including those owned by women and people of color.
Rodriguez says some companies may have skipped the first round because they found the application process confusing. Her organization is offering free seminars and training for those who want to try again. She also encourages businesses to check the Small Business Administration’s website for the latest information.
According to the Tampa Bay Business Journal, most banks in the region that processed first-round PPP loans will do so again. These include South State Bank, The Bank of Tampa, First Citrus Bank, and Achieva Credit Union. Loans will also be available from major national banks like Wells Fargo, Bank Of America, and Truist.
