How Long Does It Take To Get PPP Loan Approved?
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Introduction
The Paycheck Protection Program (PPP) is a loan designed to help small businesses keep their workers employed during the coronavirus (COVID-19) pandemic.
The PPP offers loans of up to $10 million, with interest rates of 1% and terms of up to 10 years. The loan amount is based on your small business’s average monthly payroll costs.
The PPP is administered by the Small Business Administration (SBA) and is available through participating lenders.
You can apply for a PPP loan if you’re a small business owner, an independent contractor, a sole proprietor, or a self-employed individual.
How long does it take for the SBA to process a PPP loan application?
The answer to this question largely depends on how prepared you are when you apply for the loan. According to the SBA, it could take up to 10 days to get your loan approved. However, if you have all of the required documentation in order, it is possible to get approved in as little as 48 hours.
How long does it take for the lender to approve a PPP loan application?
The Small Business Administration (SBA) has stated that they will approve PPP loan applications within 10 days. However, this does not mean that you will receive your loan funds within 10 days. Once your application is approved by the SBA, it will then be sent to your lender for final approval and disbursement.
How long it takes for you to receive your PPP loan funds will depend on your lender. Some lenders may be able to approve and fund your loan within a few days, while others may take a week or more.
If you need your PPP loan funds quickly, it’s important to work with a lender that can move quickly. SBA-approved lenders are listed on the SBA website, so you can start your search there. You can also ask friends or business associates if they have any recommendations.
How long does it take for the borrower to receive the loan funds?
From the date of the borrower’s application, it may take up to 10 days for the lender to receive the loan funds. Once the lender receives the loan funds, they must disburse them to the borrower within two business days.
Conclusion
In conclusion, the answer to how long it takes to get a PPP loan approved depends on many factors. The most important factor is how prepared you are when you apply. If you have all the required documents and information ready, the process can be very quick. However, if you are missing some key information or have incomplete documents, the process can take much longer.
