Launched in January 2010, ARLnow.com is the place for the latest news, views and things to do around Arlington, Virginia. Started by a Pentagon City resident who has spent the past several years working in local TV news, ARLnow.com seeks to distinguish itself with original, enterprising, up-to-the-minute local coverage.
On March 25, the owner of ARLnow’s parent company — which also owns ALXnow, Tysons Reporter and Reston Now — sent an email to the manager of our local bank branch.
“My understanding is that banks will be offering some form of SBA loan for payroll support, with a provision for the payroll costs to be forgiven after a few months,” said the email, sent two days before the CARES Act was signed into law. “That is something we both very much need and want. Can you put me in line to apply for it when the bill passes and we know what the terms are?”
Four weeks later, all $349 billion of the federal government’s Paycheck Protection Program is spoken for and ARLnow’s application is still listed opaquely as “under review” by our bank, PNC.
We’re not alone, millions of small business — including Ben’s Chili Bowl — are facing the same reality. And while the program is likely to be replenished by Congress soon, those left behind still have the uncertainty of not knowing whether we’ll get the loans this time around, and whether it will be too late to save the business as it exists now, even if we eventually do qualify.
Thanks to the loyalty of our long-time advertisers and the generous contributions of our readers, ARLnow will weather this storm in one form or another. But a PPP loan would make a big difference in our ability to retain our workforce and our level of original reporting going forward.
For those interested in the nitty gritty, the following is an account of our experience with PPP. Hopefully it can be instructive for those trying to understand how it worked (and did not work), or cathartic for small business owners in the same boat.
But first, three caveats:
- It’s not unique. Lots of small businesses also were left high and dry.
- It’s just a snapshot. We only applied through one bank, so those who applied through other banks would have different experiences.
- Plenty of businesses did get PPP loans. Clarendon-based media company Axios announced today that it qualified for a $5 million PPP loan. Shake Shack got $10 million, but is giving it back amid a backlash. Tens of thousands of businesses in Virginia, Maryland and D.C. collectively received $16.5 billion. And those that bank at smaller community banks seem to have fared better than those who use big banks.
Friday, April 3
We emailed the person we were told was our main point of contact at PNC’s main Arlington office, on the day that the Small Business Administration was slated to open up its PPP loan processing window.
“It sounds like banks can start lending under the Payroll Protection Program in the CARES Act.” we asked. “How can we move forward with that?”
Our PNC contact responded promptly, letting us know that “like other financial institutions, we are reviewing the additional guidance from the U.S. Treasury and waiting for the final guidelines and details from the Small Business Administration.” This would be the last time we would hear from a human at PNC until a check-in email on April 16, the day the program ran out of money.
Applying with PNC made the most sense for us. We’ve banked there for the past decade as a business, and our owner has banked there personally since he was a teenager in the 1990s. Plus myriad articles on the subject of PPP said that business owners would have the most luck applying with their existing bank, which is more familiar with their financial history.
The fact that we also have a lending relationship with PNC, in the form of a long-standing line of credit, would also help, theoretically.
PNC opened applications on its website Friday night, but did not announce it to customers (at least not to us) via email.
Monday, April 6
Not wanting to wait to hear back, we checked the PNC website, and after clicking around a bit found out that the bank was accepting applications online. Do not try to apply with a branch, the website is the only way to submit an application, it said.






