Our very own Mike Wallen was recently interviewed by Business Insider for an article concerning the SBA Payment Protection Program and the application process. Thank you Business Insider and Julie Peck for featuring Mike in your article.
Mike Wallen, of Highland Tax Resolution, a two-man shop in Denver, Colorado, managed to get his firm’s information submitted for the PPP to Wells Fargo just under the wire.
“Wells Fargo said if you’re interested, please keep in touch, check back, and that was April 3. I monitored it closely on Saturday and on Sunday, I finally got a link to the application,” said Wallen, whose April revenue is off by about 65% because of the pandemic. “It was only three questions: What’s your business name, what’s your EIN, and how much funding are you seeking? I got an email back stating, ‘We got your application, but we encourage you to look elsewhere, because we’re expecting our funding to dry up.’ Sure enough, they closed down.”
Since then, Wells Fargo has simply been sending an email reminding its customers SBA funding did in fact dry up, and to simply wait it out.