How Long Does It Take Smartbiz to Approve PPP Loan?
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If you’re wondering how long it takes Smartbiz to approve a PPP loan, the answer is usually within 24 hours. However, it can take up to 10 days for the loan to be fully processed and funded.
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Introduction
It can take SmartBiz up to 10 days to approve your PPP loan, although the average time is closer to 5 days. If you have all of your documentation in order and everything goes smoothly, you could even be approved within a few days.
What is the PPP loan?
The PPP loan is a loan that is given to small businesses in order to help them keep their employees during the COVID-19 pandemic. The loan is given through the Small Business Administration (SBA) and is 100% guaranteed by the government. The PPP loan can be used for payroll, rent, mortgage, and utilities. The loan is for a term of two years and has a fixed interest rate of 1%. The loans are currently being processed by Smartbiz.
How long does it take to get approved for the PPP loan?
Most appetizingly, there is no hard and fast rule for how long it takes SmartBiz to get your PPP loan approved. The SBA-backed lenders we work with move quickly to get your funding to you as soon as possible so you can keep your business running during these difficult times.
To increase the speed of your PPP loan application, be sure to have the following documentation readily available:
– Your most recent tax return
– Your business license
-Your Articles of Incorporation (if applicable)
-Your W9 form
What factors affect the approval process?
There are a few factors that can affect how long it takes for Smartbiz to approve a PPP loan. The first is the amount of information that the applicant provides. The more complete and accurate the information, the faster the process will be. The second factor is the applicant’s credit score. The higher the credit score, the easier it will be to get approved. Lastly, the type of business also affects approval time. For example, businesses that are sole proprietorships or have only a few employees may be approved faster than businesses with many employees.
How can I speed up the process?
We understand that you are eager to get your PPP loan as quickly as possible. Here are a few tips to help speed up the process:
1. Complete your application and submit all required documentation as soon as possible.
2. Respond promptly to any requests for additional information from our team.
3. If you have already applied for a PPP loan with another lender, please let us know so we can obtain the necessary information from them.
4. Please be aware that the SBA has been overwhelmed with PPP applications and is processing them as quickly as possible. We will continue to monitor their progress and update you on the status of your loan application accordingly.
Conclusion
SmartBiz does not have a hard and fast rule for how long it takes to approve PPP loans. However, the company says that the process usually takes around two weeks.
