There may also be issues if you provide incorrect or insufficient documentation during the application process. The most frequent reasons your PPP loan may be delayed include: Problems with basic information on the application, such as mismatched or incorrect business info (addresses don’t match, etc.), incorrect tax ID (Social Security Number, EIN), or a mistake in the PPP First Draw SBA loan number (or missing) when applying for second-draw loans. The most common cause of PPP loan delays is mistakes on the part of the borrower/applicant. What are some common causes for PPP application or approval delays? They receive applications from your lender, review every application for accuracy and eligibility, and let your know whether your application is approved or rejected. The SBA is the government agency that administers the Paycheck Protection Program (PPP). (Example: a bank, credit union, community lender, etc.) 3. Your SBA-approved lenderįor PPP loans the SBA authorizes over 5,000 lenders across the country to accept and process applications, and distribute PPP funding to borrowers. (Example: a self-employed person, an LLC with employees, an auto shop, a farmer, a salon, an eligible non-profit organization, an independent contactor, etc.) 2. The entity, business, or person applying for a PPP loan. There are three entities directly involved in PPP loans: 1. When discussing loan status updates or delays, it helps to know who is involved in the PPP loan application and approval process. Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free ! Understanding the parties involved in the PPP loan process Womply has made email marketing truly automatic for busy small business owners and all types of independent contractors. You may also like: How long does it take for my PPP application to be approved and funded? If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update. If you applied for your PPP loan via Womply, you can check loan application status at. In fact, contacting the SBA is discouraged since it may slow down the process, and you will likely not get a response. How and where can I check my PPP loan status?Ĭurrently the SBA has no facility for borrowers to check the status of their PPP loans. Many people wonder how they can check on the status of their PPP loan application. Will my lender let me know if there’s a problem with my PPP application?Īs we surpass $650 billion in PPP stimulus loans issued and are coming up on the current extended application deadline of May 31, 2021, a lot of small business owners, independent contractors, sole proprietors, and eligible self-employed individuals are worried that their PPP loan won’t get processed and approved before the program runs out of money or the deadline passes.Could my PPP loan still be delayed even if I did everything right?.Who is involved in the PPP loan application/approval process?.
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