Home>Levelset Community>Legal Help>COVID-19 PP PROGRAM

COVID-19 PP PROGRAM

Good day: I have a question on the loan , I applied throuhg BOFA , and they responded to me yesterday saying that my application was now completed and that they will foward it to the SBA since the SBA was n longer taking applications , what does this mean , I thouht the bank make the loan, not the SBA , PLEASE INFORM ME . THANK YOU !!

1 reply

Apr 24, 2020

Thank you for your question - we're here to help. You are correct in that the bank makes the loan. However, each approved PPP loan must be processed by the SBA before funds are distributed. This is in order for the SBA to have record of the loan (they need record of the loan for many reasons.) With so many applications coming in at once, there is a big backlog in the SBA system. This is leading to delays in the time it takes for businesses to receive funding. Your bank in which you applied for the loan through is the best place to go to get updates. However, they will not be able to provide you with a specific status of your application within the SBA. They will only be able to inform you that your application is with the SBA.

0 people found this helpful

Helpful