How long does it take to get PPP approval?
approximately 10 daysThe PPP process takes approximately 10 days to complete.
Do I need to reapply for the EIDL/EIDL Advance.
If your application confirmation number begins with a “3” you do not need to reapply..
How do you get approved for a PPP loan?
9 Things You Can Do to Ensure Your PPP Application is ApprovedDetermine the amount you are eligible for. … Calculate the amount that can be forgiven. … Determine eligible expenses you’ll cover with the PPP Loan. … Have your paperwork ready. … Work with a local bank if possible. … Talk to multiple banks. … Don’t start applications with multiple banks.More items…•
Do I need good credit for PPP?
There does not appear to be any credit check required for PPP loans. That’s somewhat surprising because these loans technically fall under the SBA 7(a) loan program, which typically does require acceptable credit.
What happens after PPP loan is approved?
Use the PPP loan proceeds for covered expenses and retain documentation supporting each component of covered expenses. … The lender will determine the amount of loan forgiveness, and they are required to issue loan forgiveness within 60 days of receiving the application.
How do I know if my PPP loan is approved?
3 Ways To Check Your PPP Loan StatusYou must sign in with your Small Business Online Banking account or sign into the CashPro® service. … After completing the application process, you will receive online confirmation of the submission.Bank of America will process your application as soon as possible.More items…•