PPP Loan Application Process
You can call 1-800-659-2955 about the application process, the status of your loan, or with any other questions you may have. In the email, provide your full legal name and loan number. On the phone and through email, you may need to provide more information for identity verification.
The SBA promises a 36-hour turnaround for their express loans. But that doesn’t include lender approval time, which could add a few more weeks.
PPP Loan Disbursement and Approval
It takes around two weeks from submitting your PPP application to the lender disbursing funds. Once the SBA assigns you a loan number, your loan is considered approved. Lenders must disburse funds within 10 calendar days of SBA approval.
PPP Loan Process Overview
PPP loans use the average monthly payroll cost of you and your employees to calculate the loan amount.
In our opinion, applying through your current bank is the fastest way to get a PPP loan. Although some evidence shows smaller, regional banks may process applications faster, a bank that already knows you will likely need less information.