Ed Hild, principal in Buchanan's Federal Government Relations group, answered questions about the Paycheck Protection Program for small businesses in the San Francisco Business Times article "Congress looks set to approve more PPP funding: Here are your small business questions answered"
What is the difference between a PLP number and an SBA number?
The "PLP" stands for "Preferred Lending Program" and is a designation given to a lender that means it can approve loans instead of the SBA, according to Ed Hild, principal in the federal government relations group at law firm Buchanan Ingersoll & Rooney. SBA numbers are for loans not done through a PLP, he added. Rockville-based Capital Bank, N.A., CEO Edward Barry added that for his bank, receiving a loan approval number of either type means the bank has secured its portion of the funding through the PPP.
But getting that number does not automatically come with the money, which takes time.