Therefore, any questions or concerns regarding individual PPP loan applications must be directed to your lender. Borrowers who have had their application submitted to SBA by their lender can create an account in the SBA Capital Access Financial System (CAFS) to monitor their loan status.
Once approved, the SBA requires lenders to disburse funds within 10 calendar days. Your loan is considered approved once the SBA assigns you a loan number. In general, the PPP loan funding timeline is around two weeks, from when you submit your application to the time the lender disburses funds.
“The P.P.P. general fund is closed to new applications.” Some money — around $8 billion — is still available through a set-aside for community financial institutions, which generally focus on lending to businesses run by women, minorities and other underserved communities.
There are several reasons why you might be rejected for a PPP loan: First, you might not meet the qualifications of the program. Second, it might be due to an SBA software issue incorrectly rejecting 2nd time applicants who haven't had their first loan forgiveness.
Make Sure You Fully Completed the Application and Submitted Enough Documentation. Completing your Paycheck Protection Program application incorrectly—such as not filling out signatures or other fields—can delay the process for weeks. ... Missing documentation can also delay your PPP loan application.
PPP Credit Checks
There does not appear to be any credit check required for PPP loans. That's somewhat surprising because these loans technically fall under the SBA 7(a) loan program, which typically does require acceptable credit.
Who Qualifies for a PPP Loan? Any small business with 500 or fewer employees may be eligible. This includes small businesses, S corporations, C corporations, LLCs, private nonprofits, faith-based organizations, tribal groups and veteran groups.
To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.
The Paycheck Protection Program has run out of money for most borrowers before its planned May 31 end, the Small Business Administration said. ... The SBA will continue to fund outstanding approved PPP applications from other lenders but won't accept any new applicants.
Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on or before the maturity of the loan if the borrower has used all of the loan proceeds.
5 Banks Accepting PPP Applications
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