PPP 2021: How long does it take to apply, get approved, and get funding?

In this 3-minute read:

  • Will the PPP run out of money?
  • How long does it take to submit a PPP application?
  • How long does the approval process take for a PPP loan?
  • Can I submit multiple PPP applications via different lenders?
  • Once my loan is approved, how long until I receive my loan funds?

At Womply we’ve helped over 200,000 small businesses, independent contractors, sole proprietors, and self-employed individuals get their PPP funds, and we’re continuing our support of America’s small businesses during this round of PPP funding. One of the most common areas of confusion for people is around the time it takes for application, review, approval, and disbursement of PPP loan funding. Let’s go over some key points.

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I’m reading about lots of demand for PPP loans. Will the PPP run out of money during this round of funding?

There’s still plenty of money, and the revised rules emphasize smaller businesses and smaller community lenders, but you should apply as soon as you can. Even if you’re not sure whether you can qualify, or even if you’re not even sure if you’re legally considered a “small business,” you should apply. It’s free, and it could make a huge difference. 

If you need help with PPP loan applications, Womply is here for you.

How long does it take an SBA lender to process and submit my PPP application?

It really depends on the lender. Most estimates are somewhere around a few days if everything is perfect on your application. Unfortunately it’s not possible to nail it down further here because each SBA lender is allowed different processes and procedures for loan application processing, within certain limits. 

If there is anything out of the ordinary or you provided complicated or lengthy or alternative documentation, it may extend the application process.

It helps to make sure you’re providing good copies of the right documents and info to your lender. Read up on what documentation will likely be required for a PPP loan or see our PPP FAQs about the application process.

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

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.

How fast will my PPP loan be approved once my lender submits it to the SBA?

The time it takes for your PPP loan to get approved can vary greatly depending on circumstances. However, most loans are typically approved within a few days if all the information requested was provided, and everything is correct and in order. 

Is applying via multiple PPP lenders allowed? / My lender is taking too long. Can I start an application with another lender? 

You can apply via multiple lenders if you think that’s the right course for you or if your lender isn’t moving quickly enough. You might get better service at smaller community lenders than at huge national banks processing millions of applications.

Due to the way the E-Tran system works, it’s almost impossible for your loan to be funded more than once. And in the small chance that happens, you can simply let the SBA know and return the overage (believe us, they’ll want it back).

Read more about how the E-Tran number works.

Go deeper: Can you apply for PPP twice? 

My lender said my PPP loan is being reviewed. What does that mean? (Error E0117)

In some instances the Second Draw loan process may take longer for the SBA to review and approve applications. As a result, some lenders and businesses are getting the following automated message from the SBA:

“You have attempted to submit a PPP 2nd Draw request. Your original First Draw PPP Loan is still under review by the SBA and has associated holds that must be cleared before 2nd draw processing can proceed. We apologize for this inconvenience. To address your specific loan situation, please use the Forgiveness platform Inbox to request escalation of your loan review by the SBA. Error: E0117”

Don’t be alarmed if you get this message. It simply means that the processing and final approval of your loan may take a little longer.

Go deeper: Why is my PPP loan delayed? Some possible causes.

How do I check on my PPP loan status?

If you applied through Womply, you can contact our support team and we will check for you. If you did not apply through Womply, you’ll need to contact your lender. Don’t contact the SBA; you’ll likely not get any response. Your lender will be the most informed about the status of your approval.
Once you’ve submitted your application to your lender, be sure to check your email (and spam folder) regularly and follow up quickly on any additional steps or information requested by the SBA or your lender.

You may also like: 5 common PPP loan responses and what they mean.

I’ve been approved for my PPP loan: how long before I get my money?

The SBA’s rules say they must fund approved PPP loans within 10 calendar days from the date of approval, although if the borrower hasn’t provided correct information then it can be up to 20 days. However, if day 10 (or 20) falls on a weekend and/or bank holiday, then it’s the next business day. So it can be between 10–13 days and 20-23 days. From the reports we’re seeing from the small businesses and independent contractors we’ve helped get funding, the PPP is generally pretty good about meeting or beating that deadline.

You may also like: Do you have to pay back PPP loans?

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