How long does it take to receive SBA / PPP loans?
April 13, 2020
In this 2-minute read:
- How soon will I get my SBA Paycheck Protection Program loan funding?
- What happens after I submit my PPP loan application?
As your business is going through the process of applying for loans through the Paycheck Protection Program (PPP) during the COVID-19 pandemic, you are likely wondering how soon you can expect to receive this money.
This may vary from lender to lender, but there are guidelines in place to help businesses get their loans as quickly as possible.
Womply is acting as a facilitator to connect American small businesses to SBA-authorized lenders to get emergency loans for COVID-19 relief. Apply for free here, or call us at 855-208-8813 for a free consultation.
How soon will I get the money from my Paycheck Protection Program or other SBA loans?
Once a PPP loan application is approved, the business is supposed to receive the first disbursement from their lender within 10 days.
Since this is a new program and businesses across the country are scrambling to apply, it isn’t completely clear how quickly the approval process takes place, though you should work to submit your free PPP application as quickly as possible in order to ensure you receive your money in a timely manner.
What happens after I apply for my emergency PPP loans with the SBA?
After you apply for your PPP loan/s for your business, your application and documentation will have to be reviewed and your application approved before you can receive your loan money under the CARES act.
Want to know how much you may qualify for? Check out our SBA PPP calculator
Once your application is completed, it will be placed in a virtual queue for processing by a loan officer. Due to high demand nationwide, this may take a few days.
Once your loan is approved, estimates are that it should take approximately 5-7 business days for your funds to become available.
Please note that there is high demand for this program, so delays are to be expected from time to time. We urge you to be patient and restrict your queries to vital questions to avoid swamping your lender’s customer service resources and causing further delays.
When you apply for PPP loans using Womply as your approved PPP loan agent, we’ll send you an email containing updates, next steps, and resources to help you throughout the process. Remember, applying for an SBA/PPP loan is free. Nobody should charge you any money for helping you through the application process.
In order to make the approval process go as quickly as possible, we suggest you get all of the required documentation in place to make it easier for your lender. The more efficiently you can get your paperwork and application in, the quicker your application can be processed.
Need help applying for your PPP loans?
Womply is a certified agent that can help guide your business through the application process and pair you up with an eligible lender. Learn more by calling us at 855-208-8813 for a free consultation, or start your free PPP loan application here.
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