PPP Applications are Now Being Accepted. How soon will I get the money from my Paycheck Protection Program or other SBA loans? in portal: 'your application is being processed' Close. This process is expected to be 1-2 weeks. Generally, in most cases the person with a FICO credit score under 620 would not be approved for an EIDL loan and it is actually a hard pool on the credit bureau. Thank you for your follow up. A loan officer will contact you to discuss the loan amount recommendation and your next steps. Complete your PPP Application in 15 minutes or less. Posted by u/[deleted] 6 months ago. After the national disaster was declared in March 2020, funds became available to help … It simply means your application is in the process of being acted upon or being read and worked upon. An SBA presentation Thursday discussed how the COVID-19 program has been set up: – The loans will be processed as fast as possible. The term “affiliate” has a specific legal meaning for the SBA. These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage : a Tier 2 representative will be able to see that whether the loan The general turnaround time for SBA applications has historically been two to three weeks. An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. 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. Application history pages.view.applicationHistory.statuspages.view.applicationHistory.date Application being processed 1:51pm on 4 March 2020 Documents received 2:18pm on 3 March 2020 Application received 4:12pm on 1 March 2020 Identity details received 4:11pm on 1 March 2020 Email sent to person confirming your … The $350 billion in PPP money ran out just days after the Small Business Administration application process opened. My firm met all the eligibility criteria at the time I electronically authorized the online application, but while the application was being processed I lost 2 HUBZone employees and is now below the 35% residency requirement, what should I do? Archived. But starting Monday, the SBA will install a new system aimed at turning them around in two or three days. I feel like the SBA is ridiculous for a crisis they are giving legit businesses problems with obtaining a loan. Credit: Cue378 an avid supporter of small businesses. 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