The COVID-19 pandemic-related economic crisis led to the creation of the Paycheck Protection Program (PPP). The program offers small businesses forgiven loans so they can continue paying their employees and other necessary expenses. More than 5 million enterprises had gotten PPP loans as of August 2020, totaling $525 billion. Who obtained PPP loans and how to determine whether their own loan has been accepted are two often asked questions.
You should hear from your lender or the Small Business Administration (SBA) regarding the progress of your loan application if you’ve applied for a PPP loan. You might be able to check the status of your loan online, depending on your lender. To find out the status of your loan application, you can also get in touch with your lender directly.
The type of loan, the loan amount, and the speed with which your lender processes the loan will all affect how long it takes for an SBA disaster loan to be credited into your account. Generally speaking, the time it takes for an SBA loan to be placed into your account might range from a few days to several weeks.
Numerous grant programs offered by the SBA are intended to help small businesses financially. Many of these grant programs, however, have particular eligibility standards and might not be accessible to all firms. Review the eligibility conditions for each program if you’re interested in applying for an SBA grant, then get in touch with the SBA for further details. How can I locate the SBA loan number for PPP?
The paperwork you got from your lender after your loan was granted should have your SBA loan number for PPP on it. You can ask your lender or the SBA for help if you are unable to locate your loan number.
In conclusion, even if there isn’t a public database that lists those who received PPP loans, you can ask your lender whether your own loan has been approved to learn if it has. Small businesses in need of funding may also be able to take advantage of the SBA’s other loan and grant programs. You should get more information from the SBA or your lender if you have any questions or concerns about your SBA loan or grant.