How Long Does the PPP Loan Take?
Wondering how long it will take to get your PPP loan? We’ve got the answer – plus everything else you need to know about the program.
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Introduction
Authoritative sources say the Paycheck Protection Program (PPP) loan process can take anywhere from two weeks to four weeks.
Loan applicants can start the process by visiting the SBA website and completing an online application. Once the application is complete, it will be sent to the lender for approval.
The lender will review the application and supporting documentation to determine if the applicant is eligible for a PPP loan. If the applicant is eligible, the loan will be approved and disbursed within 10 days.
The entire process, from start to finish, can take anywhere from two weeks to four weeks.
How long does it take to get the PPP loan?
Unfortunately, the answer is that it depends.
The Small Business Administration (SBA) is responsible for processing and approving Paycheck Protection Program (PPP) loans. The SBA has not provided clear guidance on how long the approval process will take, and it seems that each lender is handling applications differently. Some lenders are reporting that they are able to get approval within a few days, while others are saying it could take weeks.
What we do know is that the SBA has been overwhelmed with applications and they are working hard to keep up. With that being said, it’s important to be patient and understand that the process may take some time.
How to speed up the process
If you’re wondering how long does the PPP loan take, the answer is that it depends on a few factors. The most important factor is whether you have all of the required documentation in order. The SBA has a list of required documents, and you can find it here. If you have all of the required documents, then you can expect to receive your loan in about 10 days.
However, if you don’t have all of the required documentation, then the process will take longer. The SBA will have to verify your information and make sure that you’re eligible for the loan. This process can take a few weeks.
There are a few things that you can do to speed up the process. First, make sure that you have all of the required documentation. Second, contact your lender and let them know that you’re ready to apply for the loan. This will help them to get your application processed faster. Lastly, be patient and wait for your lender to approve your loan.
Conclusion
Based on the information above, it takes the average PPP loan 3-5 days to be funded. However, some lenders are able to fund loans in as little as 24 hours. If you are concerned about how long it will take to receive your loan, it is best to ask your lender for an estimate before you apply.
