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PPP Loan Status: You Applied, Now What? - YouTube
Channel: Merchant Maverick
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applications for the second round of pbb
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funding started the week of january 11
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2021
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and will continue through march 31st
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2021
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only time will tell if the program has
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improved in terms of the application
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process and
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the disbursement of funds in the
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meantime if you find yourself waiting to
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learn the status of your ppp loan
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application
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here's what you can do
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be sure to stick around till the end of
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the video
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i'll be answering some common questions
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we hear
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oh and hit the subscribe button to join
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our
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growing community of business mavericks
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now there's two ways to check your ppp
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loan status
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either by contacting your bank or lender
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or by contacting
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the sba directly here's what to expect
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from some of the biggest
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lenders participating in the ppp program
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wells fargo will keep borrowers updated
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on
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ppp loan statuses through emails or
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emailed
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letters the bank has a ppp section on
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its website
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that includes ethic use contact numbers
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and links to additional ppp resources
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per
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bank of america all correspondents
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surrounding ppp
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loans will occur online and through
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email
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this includes tracking the loan status
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pbb updates are provided through the
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small business
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assistance section of the website and
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general questions are answered
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through the bank's ppp faqs according to
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chase's pppfaqs
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applicants will receive an email once
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the loan
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application is submitted and an
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additional email
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when a loan decision is made us bank has
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a ppp customer
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assistant portal that provides updated
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information
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on the ppp program eligibility criteria
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applying for loan forgiveness and other
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faqs
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pnc bank will notify users online with
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updates regarding their ppp loan status
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the bank also provides a variety of
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resources and
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faq surrounding the application process
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requirements and loan forgiveness if you
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have questions
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about your landio ppp application
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you can contact a lend your rep through
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a toll-free
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number monday through friday for smart
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biz if you have any questions about the
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status of your ppp loan
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you can contact a smart biz loan
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consultant
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monday through saturday for more
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information
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blue vine has a dedicated page
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for pvp requirements important dates
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faqs
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and program updates you can check their
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page for
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more information on tracking the status
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of your loan
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according to credibly a borrower should
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reach out to their lender or potential
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lender
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to inquire about the status of their
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loan thundera has a ppp
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hub that offers the latest news
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requirements
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and information about applying for and
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obtaining
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a ppp loan if you apply for a ppp loan
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through
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funding circle you can contact your
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funding circle
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account manager to inquire about the
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status of your loan
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on its ppp application celting bank
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provides a contact number that can be
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used when applicants have
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questions about ppp loans if you
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submitted an application through
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sba.com and were connected to a lending
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partner
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the site offers step-by-step
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instructions for checking the status of
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your loan
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through its partners online portals
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trying to contact the sba directly about
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your ppp loan status is hit or miss
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but we have heard from business owners
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who were able to get
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meaningful information from an sba
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representative concerning the status of
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their ppp loan
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application we'll drop the sba's email
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in the video description below now
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before you rush off to try the contact
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methods i just listed
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the general rule of thumb is that you're
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going to need to have
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whatever information you provided in the
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application process
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on hand in case a representative asks
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for it
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you'll also likely need to provide your
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login information to access the online
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portal that you used
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to submit your replication now let's
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cover
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a quick couple of faqs about your ppp
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loan
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status will my lender pull my credit
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report
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before my loan is funded not necessarily
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your bank may not pull your credit
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report if you have an existing
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relationship with them a credit pull is
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more
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likely if you apply for an online lender
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like
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paypal if you apply to the idol and the
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ppp
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and see a credit pull from the sba that
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is for the idol as the sba does not
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pull credit for ppp loans my lender
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pulled my credit does that mean i'll be
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getting a loan soon
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it's hard to say for sure but some
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applicants have said that their loans
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were funded within
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one to three days of their credit being
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pulled
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or in some cases within hours for
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example some business owners who applied
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through paypal's loan builder
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saw a credit full via transunion and
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received their loan within a few days
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of that however other applicants are
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still waiting a week after a credit pull
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and have yet to hear back generally
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though
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a hard pull on your credit report means
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you are advancing in the application
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process
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and that's a good thing is it possible
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to
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cancel or modify my ppp loan application
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this likely depends on where you are in
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the application process
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so you will have to check with your
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lender
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canceling a ppp application may be
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easier than modifying your application
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some lenders such as fundera state that
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you
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can cancel or withdraw your ppp
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application
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by contacting their customer support
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as far as modifying your ppp application
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this depends on a number of factors a
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modification may be available in certain
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cases for example
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boards that did not accept all or a
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portion of their first loan
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may be able to modify their original
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applications
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in the second round of ppp loans if you
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need to modify your loan
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talk to your lender to find out what
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options if any are available
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for your specific circumstances if
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you've applied for a ppp loan and have
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tried
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checking the status of your application
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we'd love to hear about
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your experience whether successful or
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not
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so please leave us a comment and tell us
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about it
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