Some quick facts on CARES (as there is so much confusion):
1) Banks cannot take applications yet for PPP. Still waiting for guidance from SBA
2) There is not clarity on whether affiliate def will change to help Vc backed startups
3) Millions of PPP loans will be processed
/cont

4/We are looking into whether there will be any prioritization based on NAICS code, or simply first come/first serve
5/re: #1, some banks are taking information to start tracking demand and to keep log for when ready
6/ Application likely will be self-certification

7/ Self-certification necessary as banks cannot underwrite,but are focused on operating risk/volume.
8/Some confusion around 12/31 date. Our understanding is intent is for any loan done through 12/31 will be gtd for entire term. Waiting for confirm (if not it makes 0 sense)

9/Banks, like ours are a) waiting for guidance b) getting systems and processes ready.
10/ Reasonably processing will start in 3-4 weeks.
11/ Go to your existing bank/banker first. Most banks will only do for existing clients (likely as of date of bill pass or slightly before)

Lastly, when applications are ready by banks, expect tech based solutions for easy certification and processing. This is not a normal loan underwriting process.