Read and reply to customer reviews across Google, Facebook, and Yelp, in one place. The following documents are required to process your application and reach a loan decision. Its goal is to process around 5,000–7,000 loans … Engage more customers with a pre-built, one page website. We’ve helped over 200,000 businesses, contractors, sole proprietors, and self-employed individuals get approved. The deadline is March 31, 2021. Use your credit card to pay any business, even where cards are not accepted. Remember, applying for an SBA/PPP loan is free. Yes, they are loading the apps electronically to quickly submit in the morning. The more efficiently you can get your paperwork and application in, the quicker your application can be processed. However, if you were in the process of applying for a EIDL loan and have an application number that begins with the No. Generally, the best option is to call SBA an inquire about the status of the EIDL application, however, in most cases, if the loan is approved the loan agreement would be posted on portal within 2-3 days after the … I applied through Bluevine on 04/27 and got the email that evening. If you have an existing SBA 7(a) loan, the SBA would pay the principal and interest for 6 months. I got the same thing on 4/25. When the federal funding for the PPP loans dried up, Scott says it "flipped the switch off" at the agency and the SBA shut down the application process… The rules and application process for PPP loans and forgiveness have been modified, with more businesses eligible for PPP loans, more expenses forgivable, and a simplified application process. I got the same email one day later saying my application is now with the SBA> I am a little bit surprised that it only took one day to be sent to the SBA, after applying. See our PPP FAQs for more information about how long it takes SBA to approve PPP loans. . Womply has helped over 200,000 businesses get their PPP funding. Because we know what we’re doing and people love the help we provide. As your business is going through the process of applying for loans through the Paycheck Protection Program (PPP) during the COVID-19 pandemic, you are likely wondering how soon you can expect to receive this money. Once a PPP loan application is approved by the SBA, by law you are supposed to receive the disbursement from your lender within 10 calendar days. Please find updated FAQs from the SBA regarding the status of your loan application, for both Economic Injury Disaster Loan ( EIDL) or the Paycheck Protection Program ( PPP). What happens next?Your application was sent to the SBA to be processed. Sole proprietorship 2. Applied on Wednesday, got the being processed email Sunday. Confusion and glitches, anger and resignation over EIDL relief and the SBA loans… Since my other 2 applications with PayPal, and Bank of America our still being processed. Remember that once you accept the offer the "processing" can take a long time. supposed to receive the disbursement from your lender within 10 calendar days. If approved, disbursements are typically made within a week. The SBA is currently not accepting new EIDL applications. SBA is going to be begin taking applications again tomorrow morning. Small Business Owner prepares business plan. Who is involved in the PPP loan application/approval process? Does this mean we're officially in the queue somehow? Loan underwriting is the process in which a bank, loan provider, or online lender reviews your application and determines the risk and benefits to loaning you money. 2. Bluevine is legit, and they were FAST, Mine is still showing "Your application is being processed by the SBA". Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status. Your application was sent to the SBA to be processed. The SBA offers disaster assistance in the form of low interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by … At Womply, we’ve helped 200,000 people with their PPP loans and we’ve seen loans funded in as little as 14 days from the date of application, and often faster. Once your application is completed, it will be placed in a virtual queue for processing by a loan officer. BlueVine has qualified you for the Paycheck Protection Program (PPP) and your application will be submitted for processing to the Small Business Administration (SBA), once funds are available. I wondering the same thing. Since businesses across the country have been scrambling to apply for the latest round of funding, it isn’t always completely clear how quickly the complete approval process takes place, since every lender may have slightly different processes. New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Looks like you're using new Reddit on an old browser. By law the your lender has up to 10 calendar days to fund your account once it receives notification of your loan approval from the SBA. Bluevine submitted all apps to the SBA yesterday, the first day SBA was accepting applications" and I just signed my loan documents, and they are going to transfer the funds in a couple business days! I applied, for the approval, signed the Note and got the ACH notification in a span of 2 hours!!! This is what to do next. 4. Get your PPP loan or second draw PPP loan through Womply! This can take a few days depending on demand. No further action is required by you at this time. Nobody should charge you any money for helping you through the application process. Was told approval was waiting on 2nd … Apparently, the SBA just directly deposits the grant money into your bank account, without notifying you that it is on the way or that it has been sent. When cash flow is tight, business owners often need access to financing yesterday. Small business guides, offers and more in your inbox. Learn more, plus get free reputation monitoring and customer insights when you sign up for, how long it takes SBA to approve PPP loans. Instead, you’ll have to follow the specific instructions of your bank or lender concerning PPP loan … The 8 days is pretty crazy. It says "The SBA is not accepting new submissions at this time, but we’ll hold your application and submit it immediately once Congress approves more funds for the Paycheck Protection Program. In two or three days my business does not have multiple employees and/or I work for myself (,... Are that it should take approximately 5-7. for your funds to become.... Against competitors stand against competitors bluevine on 04/27 and got the ACH notification in a virtual queue for by! By a loan officer and Case Manager approve PPP loans using Womply your. Pushing it through in order to make the approval, signed the and. 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