I have applied with Paypal for the second round of PPP for our business. We did not get through with our business bank in round 1, but they still have us in their queue, whatever that means. We in no way want to accept multiple PPP, we are just reaching out to try to get through in desperation. So, will we know ASAP if we are accepted in the program so we can let our bank and any other leads know to terminate our application with them?
I would wait until the funds show up in your business account. I also applied with PayPal after my big bank still had not processed my application from the first round. I applied through PayPal and less than 24 hours later signed the documents. If my big bank sends the final documents to me I will not sign them and email back that I am already funded through PayPal. If you don't sign the documents the other bank won't give you the PPP loan. I wouldn't recommend applying all over the place but I think applying at 2 maybe 3 banks is okay. That is my opinion.
