How long after approval will I receive my PPP loan?

How long after approval will I receive my PPP loan?

The lender must make a one-time, full disbursement of the PPP loan within ten calendar days of approval. This is important because the eight week period of time for which certain expenses are eligible to be forgiven begins on the date the loan is received.

How do I find out who received a PPP loan?

You can search data at FederalPay.org to learn which companies received PPP loans. You can narrow your search by industry, location, or company name.

How many PPP loans have been approved?

PPP Round 2 Loans

STATE	APPROVED LOANS	APPROVED DOLLARS
California	320,156	2,147,483,647
Colorado	46,157	2,147,483,647
Connecticut	29,559	2,147,483,647
Delaware	4,872	366,280,938

How long does it take for the SBA to process a PPP loan?

The Paycheck Protection Program (PPP) is a type of loan that the SBA offers to keep employees on the payroll. The PPP has a speedy approval process, taking as little as two business days for processing. The SBA created the PPP to stimulate the small business economy after the Covid 19 pandemic.

How long does it take for SBA to approve grant?

The SBA estimated that the application process takes 18 to 21 days, with another two to five day for loan disbursement. However, EIDL advances were required by law to reach applicants within three days of applying.

Can I get a PPP loan if I laid off my employees?

If you had previously laid off your employees, you can go ahead and rehire them using PPP funds. That is actually the intended purpose of the PPP. If you reinstate your FTE count by December 31, you qualify for full forgiveness on your payroll costs.

Can I pay my employees more with the PPP loan?

Can I use all the PPP funds to pay myself? No, and this applies to all small businesses. Keeping your employees laid off and increasing your own pay goes against the purpose of the program. Your forgivable amount would be reduced because your headcount was lower than before.