How long does it take to receive SBA / PPP loans? (2021 update)

Important PPP update for 2021

On December 22, 2020, Congress passed a bill renewing funding under the CARES Act, including an additional $284 billion earmarked for America’s struggling small businesses. The rules and application process for PPP loans and forgiveness have been modified, with more businesses eligible for PPP loans, more expenses forgivable, and a simplified application process.


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. 

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How soon will I get the money from my Paycheck Protection Program or other SBA loans?

Once a PPP loan application is approved by the SBA, by law you are supposed to receive the disbursement from your lender within 10 calendar days. 

Since businesses across the country have been scrambling to apply for the latest round of funding, it isn’t always completely clear how quickly the complete approval process takes place, since every lender may have slightly different processes. However, 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. 

At Womply, we’ve helped 200,000 people with their PPP loans and we’ve seen loans funded in as little as 14 days from the date of application, and often faster. If all your paperwork is in order, it can take as little as a couple of days for your lender to review and submit your application to the SBA.

See our PPP FAQs for more information about how long it takes SBA to approve PPP loans.

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. 

Once your application is completed, it will be placed in a virtual queue for processing by a loan officer. This can take a few days depending on demand. If you have all your documentation in place, your approval can take as little as a day or two, depending on your lender.

Once your loan is approved, estimates are that it should take approximately 5-7 business days for your funds to become available. By law the your lender has up to 10 calendar days to fund your account once it receives notification of your loan approval from the SBA.

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. 

How does PPP Fast Lane simplify the application process for independent contractors and self-employed individuals?

Womply built PPP Fast Lane as an streamlined application process specifically for gig workers, contractors, sole proprietors, and self-employed individuals without employees.

  • Simple, 5-minute data collection process
  • Guides you through every step along the way
  • Automated first and second draw loan applications

Note that once you submit your application via PPP Fast Lane and it is forwarded to your lender, your loan approval timeline is determined by your lender and the SBA.

For additional information about the process, see our PPP Fast Lane FAQs.

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