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PPP Loans & Credit Scores: Is A Credit Check Required To Get A PPP Loan? What To Expect When You Apply

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Jason Vissers

Jason Vissers

Jason Vissers is a writer and cereal chef from San Diego. He graduated with a Political Science degree from San Diego State University in 2001. He's been writing about website builders, crowdfunding sites, online lenders, and credit cards for Merchant Maverick since 2015. Additionally, Jason can't eat raisins.
Jason Vissers
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8 Comments

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    Keith L Glees

    Was denied due to bad credit. Seems strange as my 3 credit scores are 712..749.. and 761. Any suggestions as to how to reapply? Rejection email said decision was made by SBA …not lender

      Jessica Dinsmore

      Hi Keith,

      That does seem odd, but if there were any derogatory remarks, or recently missed or late payments, that could impact the decision. My understanding is that they are looking for a reasonably good overall payment history-not so much a particular score. And with those scores, it would seem that you are in better shape than most, or at least many. I’d reach out to the SBA to see if you can get clarification on the decision, and then reapply ASAP. You can apply with multiple lenders, just be sure to withdraw any outstanding applications once you are approved. I hope that was helpful. Good luck!

        Melissa Yeater

        I was verified by Square in Feb 2021 (they handle my payroll & my POS) I be was in SBA review since 2/17 & got email rejecting my app because bankruptcy. We filed Ch13 in 2018 and have not missed any payments since. I was approved & 100% forgiven for 1st PPP. I thought PPP was not based on credit since most if not all would be forgiven anyway? This has really dampened my BB spirits as I have called SBA & Square back and forth ~6x each because one kept telling me it’s not in their court. One SBA agent even told me to Google latest legislation that would include bankruptcy as why I got rejected! As most of us small business owners we rely on govt help to prolong our business livelihood. SBA also told me there’s no way to be reconsidered once denied. If anyone has any recommendations on what I can do to get assistance it would be great appreciated. Thank you

          Jessica Dinsmore

          Hi Melissa,
          The only reference we can find that somewhat resembles your situation is a recent form by the SBA that indicates that applicants for 2nd draw PPP loans who are “presently involved in any bankruptcy” are ineligible, but that doesn’t seem to speak to situations where the applicant settled a bankruptcy years ago (and indeed got approved for a 1st draw PPP loan). You could try applying again through a different financial institution, but unfortunately, this might just be the way the SBA is interpreting the rules for 2nd draw PPP loans right now, illogical as it may be. We wish you all the best!

            Christina Jones

            I applied in March 2021 through Square with mine as I did not know about Square doing this since I only started using them for my business Oct 2019. I just got my email this morning I was approved and was surprised because my husband was in an accident and GAP has yet to pay off my loan which has my credit in “delinquency” and I get turned down for any credit checks! I was checking on my Square Loan I am currently paying on and the PPP approval was there. I figured being an SBA loan I would get rejected. Your situation is odd cause why would they grant your first loan/forgive then deny the 2nd? Seems as if your bankruptcy was the issue it should’ve been that way. Hope you get it figured out!!!

              Phyllis scardino

              Smartbiz denied me due to credit history. That’s awful! Of course my credit is not good, we have been in the middle of a pandemic, shame on you!

                Griffith HUNTER

                Did they tell you that your denied? I have been waiting for them for a long time with no answer at all..

                  Lisa Velarde

                  On August 29th 2020 I unfortunately received a denial letter for the SBA DISASTER LOAN because of Unsatisfactory credit history.

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