My firm met all the eligibility criteria at the time I electronically authorized the online application, but while the application was being processed I lost 2 HUBZone employees and is now below the 35% residency requirement, what should I do? An SBA presentation Thursday discussed how the COVID-19 program has been set up: – The loans will be processed as fast as possible. Generally, in most cases the person with a FICO credit score under 620 would not be approved for an EIDL loan and it is actually a hard pool on the credit bureau. Credit: Cue378 an avid supporter of small businesses. A loan officer will contact you to discuss the loan amount recommendation and your next steps. But starting Monday, the SBA will install a new system aimed at turning them around in two or three days. How soon will I get the money from my Paycheck Protection Program or other SBA loans? The term “affiliate” has a specific legal meaning for the SBA. After the national disaster was declared in March 2020, funds became available to help … Nav has partnered with multiple National and Regional lenders including the number one SBA loan origination software and services partner. Start your PPP application. I feel like the SBA is ridiculous for a crisis they are giving legit businesses problems with obtaining a loan. Application history pages.view.applicationHistory.statuspages.view.applicationHistory.date Application being processed 1:51pm on 4 March 2020 Documents received 2:18pm on 3 March 2020 Application received 4:12pm on 1 March 2020 Identity details received 4:11pm on 1 March 2020 Email sent to person confirming your … Complete your PPP Application in 15 minutes or less. Archived. The general turnaround time for SBA applications has historically been two to three weeks. Thank you for your follow up. PPP Applications are Now Being Accepted. Posted by u/[deleted] 6 months ago. An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. This process is expected to be 1-2 weeks. Once a PPP loan application is approved by the SBA, by law you are supposed to receive the disbursement from your lender within 10 calendar days. It simply means your application is in the process of being acted upon or being read and worked upon. in portal: 'your application is being processed' Close. The Economic Injury Disaster Loan program through the SBA is a long-standing program intended to help businesses hurt by tornados or wildfires. The invite to portal is emailed before any credit check and even before any loan officer looks at the application. These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage : a Tier 2 representative will be able to see that whether the loan 3. 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