No. You cannot apply directly to SBA for PPP loans. Even if you submit a PPP loan request on SBA.com, you will be redirected to one of SBA’s partners. Note that to apply for PPP loans, you need to complete your application with one of SBA’s partners, and once it has all the required information…

 
 

Note that a borrower is allowed to apply for forgiveness immediately all loan proceeds for which the borrower is requesting forgiveness have been used. They can also apply for forgiveness at any time as long as it falls within the maturity date of the loan. If borrowers fail to apply for forgiveness within 10 months…

 

Note that your 2nd PPP loan forgiveness documentation requirements will mostly depend on the exact expenses you covered with your PPP funds. To get your second PPP loan fully or partially forgiven, you will have to use the loan money on certain stipulated expenses. The first PPP round was to be used for expenses like…

 

The length of time it will take for the SBA to approve PPP loans usually varies. Most often, the PPP loan funding timeline is around two weeks from when you submit your application to the time the lender disburses funds. Once approved, the SBA mandates lenders to disburse funds within 10 calendar days. Your loan…

 

First, you need to understand that the SBA has no facility for borrowers to check the status of their PPP loans. Truth be told, contacting the SBA to check the status of any of the loans you applied for can be a bad idea as you will likely not get any tangible answer. If you…

 

According to reports, the statute of limitations for an audit or investigation by SBA is generally six years. If the SBA chooses to audit you, the agency will forward a written notice to your lender. Note that your lender is then expected to let you know within 5 business days. They may also have to…

 

Yes. Your EIDL loan is not forgivable and borrowers are expected to pay back the loans according to the SBA’s repayment terms. Truth be told, this can be quite perplexing, especially with all the numerous COVID-19 relief programs out there. If your business obtained any sort of EIDL loan, you will need to comply with…

 

Chime temporarily accepted Small Business Administration (SBA) loans to Chime Spending Accounts until July 21, 2020. However, as of July 2022, they no longer accept this option because according to the company, the Chime Spending account is only for personal use. SBA loan payments requested after July 31, 2020, will be rejected and returned to…