The Paycheck Protection Program, which offers up to $349 billion in forgivable loans to small-business owners, opened April 3 with delays and frustration.
These entrepreneurs appear to have something in common: relationships with representatives inside their bank who helped guide them through the process.Sprung, the president of Mitlin Financial, based in Hauppauge, New York, applied for a $50,000 loan on April 3, the day banks began taking applications.
Sprung has both business bank accounts and existing credit with Bank of America, providing him with an immediate advantage since many banks initially prioritized such customers.
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