On Friday, April 3 the first applications for forgivable loans under the Paycheck Protection Program (PPP) were submitted and banks were quickly overwhelmed with the volume of applications. Some banks like Wells Fargo received so many applications they stopped accepting new ones. There’s also a general worry that the money will run out before everyone gets what they need.

We’d like to share a few important updates to help you navigate this program.

First, some unfortunate news for most clubs: the SBA issued additional guidance and 1099 contractors are not included in payroll costs. Since most clubs pay coaches this way, this is a big disappointment. However, independent contractors can apply directly to a bank on their own to receive these forgivable loans.

If you’re worried about the funds running out, Congress is working to allocate an additional $200-$250 billion to the program and is pushing to get this passed this week.

If you’re running into an issue finding a bank that can process your loan quickly, some digital banks like Radius and lenders like Kabbage have created online applications. These tech-forward companies may be better positioned to process your application quickly and get you the funds you need.