How to Check Your PPP Loan Status
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If you’re one of the millions of Americans who applied for a Paycheck Protection Program (PPP) loan, you may be wondering how to check the status of your application. Here’s a step-by-step guide on how to do just that.
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Checking Your PPP Loan Status
The Paycheck Protection Program (PPP) loan status can be checked on the SBA website by following these steps:
Go to the SBA’s Paycheck Protection Program site
If you’re wondering how to check the status of your PPP loan, the first step is to visit the Small Business Administration’s (SBA) website dedicated to the Paycheck Protection Program (PPP).
There, you’ll be able to enter your business name, location, and the PPP loan number that was provided to you when your loan was approved. Once you submit this information, the SBA will provide you with an update on the status of your loan.
It’s important to note that the PPP site only provides updates on loans that have been approved by the SBA. If your loan is still under review, you’ll need to contact your lender directly for more information.
Find your loan number
The first step in checking your PPP loan status is to find your loan number. If you applied for your loan through a bank or lender, they should have given you a loan number. If you applied for your loan through the Small Business Administration (SBA), you can find your loan number on the SBA’s website here.
If you can’t find your loan number, you can try contacting your bank or lender. If you applied for your loan through the SBA, you can call them at 1-800-659-2955.
Check the status of your loan
The first step is to check with your lender. They should have information on the status of your application and loan, as well as what next steps you need to take.
If you applied for a loan through the Small Business Administration (SBA), you can also check the status of your application on their website.
Once you have your loan, you’ll need to start making payments. The date of your first payment will be listed in your loan documents. If you have any questions about your loan or payments, contact your lender.
What If Your Loan Status Says “In Process”?
If you’ve applied for a Paycheck Protection Program (PPP) loan, you may be wondering what your loan status means. “In process” usually means that your application is being reviewed by the lender. If you’re unsure of what your loan status means, you can always contact your lender to find out more information.
Wait for the SBA to process your loan
If your PPP loan is still listed as “In Process” on the SBA website, that means the agency is still working to approve or deny your loan. The SBA says it’s processing loans in the order they were received, so if you applied early, you may be waiting a while.
The best thing to do is wait patiently and check the website periodically for updates. You should also make sure you have all of your documentation in order and ready to go, in case the SBA does approve your loan.
Check your loan status again in a few days
If your loan status says “in process,” it means your lender is still reviewing your application. This doesn’t mean your application has been approved or denied — it’s just a step in the process.
If you’re wondering how to check your PPP loan status, the best thing to do is to contact your lender directly. They should be able to give you an update on where your application is in the process.
In the meantime, check your email and spam folder regularly. Your lender should be sending you updates on your loan status as well as any next steps you need to take. If you haven’t heard anything from your lender in a few days, give them a call or send them an email to check in.
What If Your Loan Status Says “Approved”?
If your loan status says “Approved,” that means your application has been accepted and you should expect to receive your loan funds soon. In most cases, you will receive your loan funds within 10 days. If you have not received your loan funds within 10 days, you should contact your lender to check on the status of your loan.
Check your bank account
The first step is to check your bank account to see if the money has been deposited. If you applied for a PPP loan through a small community bank or credit union, it’s likely that you’ll receive your funds more quickly than if you applied through a large national bank.
If you applied for a PPP loan through the SBA (Small Business Administration) portal, you should have received an email from the SBA with instructions on how to check your loan status. The SBA website also has a “Loan Status” tool that you can use to check on the status of your loan.
If your loan was approved, but the money has not yet been deposited into your account, it’s possible that there was an issue with your application or that the bank is still processing your loan. You can call your lender to ask about the status of your loan and find out what steps you need to take next.
Check your email
If your PPP loan is approved, you will receive an email notification from the SBA. This email will include information about your loan, as well as instructions on what to do next.
If you did not opt to have your PPP loan deposited directly into your bank account, the email will include instructions on how to sign the promissory note and get your money.
It is important to note that even if your loan status says “approved,” your loan is not final until you have received the money in your account.
Contact your lender
If your loan status says “approved,” you should contact your lender to find out the next steps. They will likely provide you with information on how to complete the process and disburse the funds.
In some cases, you may be able to access the funds through an online portal set up by your lender. Make sure to ask about this when you contact them.
Once you have received the funds, it is important to use them in accordance with the guidelines set forth by the Paycheck Protection Program. This includes using them for eligible expenses such as payroll, rent, and utilities.
What If Your Loan Status Says “Denied”?
If your Paycheck Protection Program (PPP) loan status says “denied”, it means that your application was not approved by the Small Business Administration (SBA). If you believe that your loan was denied in error, you can appeal the decision. You will need to provide additional documentation to support your appeal.
Check your email
If your loan status shows as “denied”, the first thing you should do is check your email. The SBA will send you an email explaining the reasons why your loan was denied. Once you have that information, you can work on fixing the issues and resubmitting your loan application.
If you don’t see an email from the SBA, it’s possible that your loan status was updated by mistake. In that case, you should reach out to your lender to find out more information.
Check your lender’s website
If your loan status says “denied,” don’t give up hope. There are a few things you can do to try to get your loan approved.
First, check your lender’s website. Some lenders have special application portals for PPP loans, and you may be able to reapply or appeal your denial through those channels.
If that doesn’t work, you can try reaching out to your local SBA office or the Small Business Administration’s National Customer Service Center at 1-800-659-2955. The SBA may be able to help you figure out why your loan was denied and what you can do to fix the problem.
You could also try reaching out to your state’s business development agency or chamber of commerce. They may have advice on how to appeal a PPP loan denial or suggest other financing options for small businesses in your area.
Contact your lender
If your PPP loan status shows “denied,” it means that your lender did not approve your loan for any reason. It’s important to contact your lender directly to find out why your loan application was denied.
There are a few reasons why your loan may have been denied, such as:
-You did not meet the eligibility requirements for the PPP loan program.
-Your business is not in an eligible industry for the PPP loan program.
-You did not submit all of the required documentation with your loan application.
-Your business is not in good financial standing.
If you believe that you meet the eligibility requirements for the PPP loan program and your application was still denied, you may appeal the decision with your lender.
