How Long Does it Take to Get PPP Loan Approval?

How long does it take to get PPP loan approval? We’ll take a look at the different factors that can affect the timeline for your application.

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Applying for a PPP Loan

Applying for a PPP loan can take a few days to a week. The process is mostly electronic, so you will need to submit your application and supporting documentation online. Once your application is received, a loan officer will review it and make a decision. If you are approved, you will receive the funds in a matter of days.

Find a lender

The first step in applying for a PPP loan is to find a lender. You can apply for a PPP loan through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating.

If you don’t have an existing relationship with a lender, you can find one through the SBA Lender Match tool.

SBA Form 2483

All Paycheck Protection Program (PPP) loan applications must include an SBA Form 2483. This form essentially serves as the application for the PPP loan, and must be submitted in order to be considered for funding.

The SBA Form 2483 must be completed and submitted by the small business owner or self-employed individual seeking a PPP loan. The form must be filled out in full, and signed by the applicant. In addition to the completed form, applicants will also need to provide:

-Proof of identity (e.g., driver’s license or passport)
-Social security number or Individual Taxpayer Identification Number
-SBArolment number (if applicable)
-Copy of most recent tax return Reference number for each Small Business Administration (SBA) Disaster Loan closed within the past 12 months (if applicable)
-Completed and signed Personal Financial Statement (SBA Form 413)

Applicants will also need to provide a complete list of all bank accounts, as well as any other outstanding debts owed to the federal government. Once the SBA Form 2483 is completed and all required documentation has been submitted, it can take up to 10 days for an applicant to receive an decision on their PPP loan application.

SBA Form 2483-SD

The PPP loan application process begins with the submission of an SBA Form 2483-SD (Stack Documentation), which must be completed and signed by the small business owner. The form must be accompanied by specific documentation related to the business, such as tax returns, profit and loss statements, and bank account statements.

Once the SBA form and required documentation are submitted, it typically takes between two and four weeks to receive PPP loan approval. The length of time it takes to receive approval can vary depending on the volume of applications that the SBA is processing at the time of submission.

Loan Forgiveness

The PPP loan is a lifeline for small businesses during the pandemic. But how long does it take to get approved for a PPP loan? The answer is that it depends on a few factors. For example, the size of your business, the type of business, and how quickly you can gather the required documentation.

SBA Form 3508

SBA Form 3508 is the form businesses must fill out to apply for Paycheck Protection Program (PPP) loan forgiveness. The SBA began accepting PPP loan forgiveness applications on October 5, 2020.

The 3508 form is 8 pages long and asks for detailed information about your business, such as your payroll costs, number of employees, and eligible expenses. You will also need to provide documentation to support your claims.

The SBA says that it will take them up to 60 days to process your application and issue a decision. However, some applications may take longer depending on the complexity of the case. If you have any questions about your application, you can contact the SBA’s PPP customer service line at 1-800-659-2955.

SBA Form 3508EZ

The SBA Form 3508EZ is the form that business owners who have received a Paycheck Protection Program (PPP) loan must use to apply for loan forgiveness. The form must be submitted to the lender that made the loan.

The 3508EZ is a simplified form, and can only be used by certain borrowers. To be eligible to use this form, you must meet all of the following criteria:

-You are self-employed, a sole proprietor, or an independent contractor
-You did not have employees when you applied for your PPP loan
-You did not reduce your salary or wages by more than 25% during any covered period
-You did not reduce the number of hours your employees worked by more than 25% during any covered period
-You were unable to operate at the same level of business activity as before February 15, 2020 due to compliance with government guidelines relating to COVID-19