How Long After PPP Loan Approval Will Funding Arrive?
If you’re wondering how long it will take to get your PPP loan after it’s been approved, you’re not alone. Many small business owners are eager to get their hands on the funding they need to keep their businesses afloat during these difficult times.
The good news is that the process is typically pretty quick, and you could see the money in your account within a few days after your loan is approved. In this blog post, we’ll give you a rundown of how the
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After you have submitted your loan application, you will likely receive a decision within 10 days. If your application is approved, you will receive your loan funds within 2-5 days after that.
SBA Form 2483
SBA Form 2483 is the Application for a PPP Loan. This form must be completed and submitted to the lender you have chosen to apply for your PPP loan with.
The SBA Form 2483 asks for basic information about your business, such as your business name, physical address, and business telephone number. You will also need to provide information about your business ownership structure, such as whether you are a sole proprietor, partnership, LLC, or corporation. The form also asks for information about your Economic Injury Disaster Loan (EIDL) application, if you have one.
You will need to provide information about your average monthly payroll costs over the last 12 months, as well as the number of employees your business has. The form also asks for information about how you will use the PPP loan proceeds.
Once you have completed and submitted the SBA Form 2483, the lender will review it and make a decision on whether or not to approve your loan application. If approved, funding for your PPP loan will typically arrive within 2-5 days.
If you’re approved for a Paycheck Protection Program (PPP) loan, your lender will contact you to let you know how to complete the loan process and receive your funding. Depending on your lender, this process may vary, but in general, you will need to complete and sign a promissory note and any other required documents before your loan is funded.
Once you have signed all of the required documents, your lender will submit them to the Small Business Administration (SBA) for approval. The SBA will then send you a loan closing notice that includes information on your loan terms and conditions. Once you have received this notice, your lender will disburse the loan funds to you.
The time it takes for you to receive your loan funds after SBA approval will depend on your lender. Some lenders may be able to fund your loan within a few days, while others may take a week or longer. If you have any questions about when you can expect to receive your funding, be sure to ask your lender.
After you submit your complete PPP loan application, you will hear back from the lender with a loan decision. Once you are approved, the funding will typically arrive within 10 days.
SBA Form 2484
The SBA Form 2484 is the loan application for the Paycheck Protection Program (PPP). PPP loans are available through SBA-approved lenders to small businesses and certain other organizations affected by the COVID-19 pandemic. The deadline to apply for a PPP loan is March 31, 2021.
To complete the SBA Form 2484, you will need to provide information about your business, including your business name, contact information, business size, NAICS code, and PPP loan amount requested. You will also need to provide information about your ownership structure and your business location.
After you have submitted your SBA Form 2484, you will need to wait for approval from an SBA-approved lender. If your loan is approved, funding will arrive within 10 days.
Once you’ve submitted your PPP loan application, the lender will review it to decide if you’re eligible for the loan. If you are, the lender will send you a loan authorization form to sign.
This form gives the lender permission to process your loan and pull your credit report. Once you return the form, the lender has up to 10 days to approve or deny your loan.
If you’re approved, the lender will send you a promissory note, which is a legal document that outlines the terms of your loan. You have three days to review and sign this document. Once you do, the lender has up to five business days to disburse the funds.
After you have been approved for a Paycheck Protection Program (PPP) loan,funding will typically arrive within 10 days. This timeline can vary depending on the lender you are working with. Some lenders may require additional documentation or may take longer to process your loan.
SBA Form 2485
The SBA Form 2485 is the Paycheck Protection Program (PPP) Loan Forgiveness Application. This form is used to calculate how much of the PPP loan may be forgiven by the Small Business Administration (SBA).
To complete the form, borrowers will need to provide information about their business, such as payroll costs, number of employees, and eligible non-payroll expenses. Borrowers will also need to submit documentation supporting their claims for loan forgiveness, such as payroll records and bank statements.
Once the form is complete and all documentation has been submitted, borrowers will need to submit the form to their lender for approval. Lenders have up to 60 days to review and approve or deny the loan forgiveness application. If approved, borrowers will receive loan forgiveness in accordance with the terms of their PPP loan.
It typically takes 1-2 weeks for a lender to fund a PPP loan after it has been approved by the SBA. However, some lenders may be able to fund the loan sooner. You should check with your lender to see how long it will take for them to fund your loan.
Even after your PPP loan is approved, there are a few more hoops to jump through before you can access the loan funds. The Small Business Administration (SBA) has to review and approve your loan, and then your lender will disburse the funds. The SBA says that this process can take up to 10 days.
SBA Form 2486
After your PPP loan is approved, you will need to fill out and submit SBA Form 2486 within 10 days. This form confirms your eligibility for the loan and provides information on how the loan will be used. Once the form is submitted, the SBA will review it and disburse the loan funds to your lender.
The lender is responsible for reporting the loan to SBA. This report must be made within five business days of loan approval. The reporting will include:
-The identity of the lender
-The name, address, tax identification number and date of birth of the small business borrower
-The loan amount
-The use of proceeds
-The interest rate
-Collateral pledged, if any
After the lender reports the loan to SBA, SBA will review the report and confirm receipt. This process can take up to two business days.