Second round of PPP launches

The federal government was launching round 2 of the paycheck protection program to aid small businesses, but the SBA’s computer system was experiencing glitches at times on Monday.

The money also was expected to run out quickly.

There was widespread unhappiness with the first round with some major companies returning money after negative publicity. Lawsuits were also filed against Bank of America and Wells Fargo about whether they favored larger customers

International Finance Bank of Miami said it is assisting some frustrated customers of major banks with getting PPP.

Ricardo Loor is a VP and lending officer with International Finance Bank

“Yes, we are accepting applications from non-existing clients that have been turned down by large banks,” said Ricardo Loor, VP and lending officer for the bank. “We understand that one-on-one customer service is essential, and we have been able to show our clients how committed we are to providing tailored solutions. Unfortunately, large banks focused on the economic aspects of this program, and they forgot the most crucial part of it, assisting small businesses.”

The bank submitted over 100 applications for the first round and is prepared to double that figure for the second round. The total amount of granted loans in the first round was $16.5 million, Loor said.

The bank doesn’t have a lending cap in place, Loor said. “At this point, our priority is to be of assistance to our community. We are happily accepting applications from existing and non-existing clients.”

The bank is headquartered at 777 SW 37th Avenue, Suite 700, Miami and its phone number is (305) 648-8800.

You May Also Like
Clamor Grows for More PPP

Anticipation is growing for Congress to free up another batch of PPP loans for small businesses as part of additional legislation to respond to the economic fallout from the COVID-19

Read More
Heroes of the Pandemic

By Clarissa Buch and Sally-Ann O’Dowd • photography (where indicated) by Eduardo Schneider “It’s so terrifying because as a pregnant female, I’m considered immuno-compromised. If I get infected, my immune

Read More
Business as usual

In the aftermath of our spring feature on how companies were dealing with the shutdown, businesses from all over South Florida continue to share their pandemic stories with SFBW. Here

Read More
Business as usual

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column width=”2/3″][vc_column_text] By SFBW editorial staff Kevin Sheehan Jr. President, Bahamas Paradise Cruise Line Business backstory: The only two-night cruise sailing from the

Read More
Other Posts
The Business of Design: DCOTA Spring Market Hosts Industry-Leading Panel

“The Intricacy of Design Across Diversified Industries” event brings together top South Florida leaders on March 12.

Read More
36th Annual Celebration of Authors and Books in Fort Lauderdale

‘Literary Feast’ brings authors to raise funds for the Broward County Library system

Read More
Jim Moran Institute Accepting Applications for South Florida Small Business Executive Program

Celebrating 30 Years of Impact: The Jim Moran Institute for Global Entrepreneurship Opens Applications for Fall 2025 Program.

Read More
Adelstein, Reagan, Prindle and Bryan Join Morgan Stanley’s Private Wealth Management’s Palm Beach Office 

Royal Banyan Wealth Management Group at Morgan Stanley Palm Beach serves affluent families, business owners and  executives, real estate investors, financial sponsors, and non-for-profit clients.  

Read More