Post a new topic
    1 Reply Latest reply on May 7, 2020 3:14 PM by freddyvaldes

    PPP loan timeline. You PPP loan has been approved.Hoping to help you.

    freddyvaldes Wayfarer

      Hoping my personal experience helps those still in process, like those approved before keep me going and SANE within this unique difficult times. Since detailed info is limited, I've reading these post everyday, and truly help me with my sleep. I never got a loan number assigned or ETRAN number, tonight received an email saying that loan has been approved and will be disburse 1-2 days, business timeline below, Good Luck to all of you Small Business hardworking Americans:

       

      3/30..Informing me that I will be able to apply if you believe that I qualify for relief from Cares Act, but details still been finalized

      4/3..submitted PPP application.

      4/6..PPP loan application has been received,

      4/15..BOA requested additional information,asking to update business information on Business online web banking

      4/20...PPP application is complete. We'll send your request for a loan to the Small Business Administration as soon as they begin accepting new applications. End of 1ST ROUND

      4/28..PPP application has been submitted to SBA, which began accepting applications again on April 27. 2nd ROUND began

      5/3..9.28 pm ET...sign attestation and promissory note. You're one step away from receiving PPP funds. Immediately, I Uploaded ID back and Front on Intralinks following other applicant recommendations, since it could speed the process, I read it was asked as a requirement to other applicants.

      5/6..11:48 pm ET, your PPP loan has been approved and funds will deposited 1-2 business days.

      When small businesses are approved by the SBA for PPP funding, lenders will issue funds within 10 business days, but after reading other experience it can take 1-2-3 up to 10 days. First round took up to 14 days. I will update this post once I received those funds.

       

      Good Luck to you and never stop believing. Human being relies on you, to feed their families. More importantly STAY SAFE and do not compromise your loves ones,clients and employees well being HEALTH. Thanks to our government for a great job, and take care of its peoples. Even though not perfect, but the intention was unique and special. It will be hard to save everyone, almost impossible. I was about to close the business in the next couple of weeks. Hoping the virus get contained and at least we can get back to semi normal soon, otherwise we will need 20 rounds of PPP loans to stay afloat.

       

      "We must accept finite disappointment, but we must never lose infinite hope." — Martin Luther King Jr.