How to Check If Your PPP Loan Has Been Approved

The US government launched the Paycheck Protection Program (PPP) to aid small businesses affected by the COVID-19 outbreak. The program offers loans to small enterprises so they can pay their rent, employees’ salaries, and other obligations. You might be wondering how to find out if your PPP loan application was accepted if you have applied for one. What you should know is as follows.

Checking the Status of a PPP Loan

Getting in touch with your lender is the best approach to find out the status of your PPP loan. The most precise and recent information regarding your loan will be available from your lender. On the website of the Small Business Administration (SBA), you may also look up the status of your loan. Borrowers can check the status of their PPP loan application online through the SBA.

PPP loans will indeed still be accessible in 2021. The government has provided an additional $284 billion in funding for the initiative, which has been extended through May 31, 2021. Additionally, more small enterprises now qualify for PPP loans because to the revised qualifying requirements.

The PPP loan program will stop taking new applicants in August 2021. There are currently no plans to prolong the program, which had its final day on May 31, 2021. However, small firms affected by the COVID-19 outbreak have additional alternatives for assistance.

There are no current plans for a third PPP round. But in the future, the government might roll out more assistance plans for small firms affected by the COVID-19 outbreak. Is Lendio a part of the SBA?

The SBA does not include Lendio. Private enterprise Lendio assists small businesses in locating the best lending options for their need. Although Lendio collaborates with SBA-approved lenders, it is not a government organization and does not directly offer loans.