PPP LOANS BEGIN AGAIN TODAY
YOU APPLIED FOR A PPP LOAN AND HAVE NOT HEARD?
The language in the SBA documents very clearly states that a company cannot apply for PPP multiple times. If you have applied and you do not know the status of your PPP application, you need to contact your bank.
If you have a loan number from your lender, it means the lender submitted the application to the SBA, funds were allocated and they are simply waiting for disbursement.
If you do not have a loan number, your lender did not submit it to the SBA yet (could be because the application was being processed and did not get in before SBA shut down the portal). You can ask your bank if they still have your application and if they are going to submit it to the SBA, OR if you need to re-apply to them because they destroyed applications when the money ran out.
You need to contact your bank first to find out if your application was submitted to the SBA and if so, get a loan number. If they have not submitted it to the SBA and you want to use another lender, you can tell your bank to rescind your application and submit it through a different lender. Lender can be found here:
click here
DO NOT submit multiple applications at the same time because if the SBA gets multiple applications for the same company they will flag it for fraud, and/or it could result in automatic denial of the loan.
DO YOU WANT TO APPLY FOR EIDL? NOT ACCEPTING AT THIS TIME
We have received information from the SBA that they are “
unable to accept new applications at this time for the EIDL -COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
https://www.sba.gov/funding-programs/disaster-assistance
Previous EIDL & Advances Status: If you submitted an application, received correspondence from SBA, and have a loan number that begins with a “3”, you are in the queue and your patience is appreciated. If you would like to further inquire about the process and understand what to expect next you should contact the Office of Disaster Assistance 24/7 Customer Service line at 800-659-2955.”
We will keep you up to date on any changes!
