At the time of a week ago, over 400,000 PPP loans have already been authorized in the 1st two weeks regarding the 2021 PPP system. If you have used and generally are nevertheless that is waiting if you have currently heard as well as your maybe maybe not authorized — here’s a helpful post about what you can certainly do.
Main reasons why You Could Nevertheless Be Waiting on PPP Loan
Sheer amount could be the biggest explanation. Loan providers have obtained scores of applications collectively in the 1st 3 days of this system.
Even though many loan providers invested the full time to automate processes while increasing their throughput, numerous have never and may even be doing review that is manual.
Should your application ended up being place in “manual review” odds are it is in a queue waiting to be viewed. Here is essentially how it operates:
Many lenders place in automatic actions to pay for many cases throughout the application process — immediately confirming supporting docs, having a systems of flags to pass through individuals through interior checks, and much more.
But, in the event that you had a particular scenario, and sometimes even merely a situation that has beenn’t covered in a loan provider’s automation you may possibly have most likely been place in a manual review stack.
Factors why It’s Likely You Have Been Refused for the PPP Loan
There are many factors why you might be refused for the PPP loan: First, you will possibly not meet with the skills associated with the system. 2nd, it may be because of an SBA computer computer software problem wrongly rejecting second time candidates who possessn’t had their very very first loan forgiveness.
Third, it may be due to the loan provider you applied with experienced rules that are specific when you should use and was not ready for the application (see below instance page).