But starting Monday, the SBA will install a new system aimed at turning them around in two or three days. The $350 billion in PPP money ran out just days after the Small Business Administration application process opened. Archived. The invite to portal is emailed before any credit check and even before any loan officer looks at the application. in portal: 'your application is being processed' Close. How soon will I get the money from my Paycheck Protection Program or other SBA loans? The general turnaround time for SBA applications has historically been two to three weeks. Nav has partnered with multiple National and Regional lenders including the number one SBA loan origination software and services partner. The SBA's goal is to decide on your application within three weeks. 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? This process is expected to be 1-2 weeks. Credit: Cue378 an avid supporter of small businesses. 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 Economic Injury Disaster Loan program through the SBA is a long-standing program intended to help businesses hurt by tornados or wildfires. A loan officer will contact you to discuss the loan amount recommendation and your next steps. After the national disaster was declared in March 2020, funds became available to help … The term “affiliate” has a specific legal meaning for the SBA. PPP Applications are Now Being Accepted. An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. It simply means your application is in the process of being acted upon or being read and worked upon. 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 … Start your PPP application. 3. Complete your PPP Application in 15 minutes or less. 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. I feel like the SBA is ridiculous for a crisis they are giving legit businesses problems with obtaining a loan. 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