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When Will My Paycheck Protection Program Loan Be Funded?

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Shelbi Wescott

Shelbi Wescott

Writer at Merchant Maverick
Shelbi Wescott is a writer and educator from Portland, Oregon. When she isn't writing about ways to help small businesses, she is a published author churning out pages for her science-fiction and mystery books. In 2015, her book After Life won an Honorable Mention for Best YA Mystery from the Library Journal. (It has ghosts. And mystery.) Shelbi has both a BA in English Literature and a Masters in Teaching from Lewis and Clark College.
Shelbi Wescott
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15 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Diane

    I have a client ( I work for small bank ) that was approved for SBA PPP but wanted to wait little longer to get funded because in the state of PA , restaurants are still under stay at home and restaurants are not allowed to open yet for in dinning service. In addition, his restaurant is truly only opens at full capacity Memorial day weekend because 75% of his seating is outside. He would like to wait to get funded later in May is that possible or must he take the funding now ?

      Jessica Dinsmore

      Hi Diane,

      It’s our understanding that the funding must be accepted within 1 week. This has been a huge sticking point with many restaurant owners across the nation…and the news from those stories is: they don’t have a choice on when to get the loan.

        Colleen

        we bank with Wells Fargo so of course we did not get to apply with them until last week because they took the largest ones first. ours will be almost 500k but, it’s still small potatoes to them. So we also applied thru a broker on 4/4 and received our SBA loan # last week right after we applied with Wells Fargo. The SBA pulled our credit on Saturday 4/18 and we received the note for our signatures 2 days ago now from the lender that the broker found. So we believe it’s just a matter of disbursement at this point but, they have been very careful to not use the words “your loan IS approved”. They did say the funds were reserved for us in the first round so fingers crossed we’ll get funded soon because our employees are suffering and so are we. The stress of this all is almost too much but, we will keep fighting the fight.

          Dawn

          I applied for the ppp , was sent an email saying they received my application. Then was sent an email requesting more information. Haven’t heard anything ?
          How do I know what’s going on ?

            Jessica Dinsmore

            Hi Dawn,

            We have a post that explains how to check the status of your PPP loan application. Best of luck to you!

              Jeff Billingsley

              I own a BarberShop here in St Louis. I applied right at the beginning of all this caous. I bank with PNC one of the bigger banks. They have a system to check your status and your App. The first is (submitted App) The second is (under review) The third is (submitted to SBA) The 4th is (intiateing closing) When I checked mine it was submitting to SBA so with that said I’m assuming I was approved. That’s all I have. Can’t get any info or talk to anybody that knows what is going on. It’s so sad. I really thing the small businesses that have under 100 employees are getting thrown aside and it’s not right.

                Bill

                Also with PNC and received an email on 4/19 stating that our application was registered with the SBA prior to funds running out. PNC site has shown the status as “initiating closing” since then. I assume they’re waiting for the funding before they present the closing documents.

                  Lia

                  I have only 10 employees. I think they are overlooking us too, but we are the definition of “small business”.

                    Adam Rex

                    We applied, and were approved, still waiting on closing details and funds. If approved and stuck in the closing phase, does that mean our funds have been allocated from the initial $350B and are just stuck in limbo?

                      Jessica Dinsmore

                      Hi Adam,

                      It is our understanding is that if you have an approval your funds are included in the allocation. At the moment, all signs point to approvals just waiting on disbursement. We sure hope that’s the case for you!

                        Andrea Stefanski

                        Applied for PPP load – Received an email stating that it was being processed 2 days ago thru the SBA. Will I be funded since they stated they were processing my loan 2 days. ago?

                          Jessica Dinsmore

                          Hi Andrea,

                          It is our understanding is that if you have an approval your funds are included in the allocation. At the moment, all signs point to approvals just waiting on disbursement.

                            Chuck Santeler

                            I am a HVAC Contractor in Florida, 24 years in business, I am working my installers and technicians at the shop while I wait for the PPP, If I lay off I may never get back our employees and the quality of training that I have invested. This feels alot like it did during the Gulf oil spill, we were promised/qualified for $700k just to have the rules change at the end. $00.00 funds reiceved.
                            At least our building looks GREAT!

                              Small business owners in California

                              We applied for PPP with 3 banks and two brokers over a week ago (today is April 11th) and so far no response from any of the 5 applications.

                                Derek

                                Be careful applying to multiple banks. This will throw up a fraud alert with the SBA and your application could be kicked back.

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