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 100,000 small businesses and independent contractors 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.
Get your PPP loan or second draw PPP loan through Womply! Womply has helped over 200,000 businesses get their PPP funding. It’s free to apply for a PPP loan, and Womply can help connect you with an SBA lender that’s right for you! Start your PPP application.
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. Start your free PPP loan application here. 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. The current application deadline is 3/31/21, so don’t delay.
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 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. Let womply connect you with an SBA Lender for free!
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.
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: Why is my PPP loan approval taking so long?
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. And 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?
Why use Womply to apply for your PPP loan?
As you know, it’s free to apply for a PPP loan, and we know you have lots of choices. So why should you let Womply connect you with an approved SBA lender? Because we know what we’re doing and people love the help we provide. We’ve helped over 200,000 businesses, contractors, sole proprietors, and self-employed individuals get approved. Don’t wait! The deadline is March 31, 2021.
Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free!