The Economic Injury Disaster Loan program through the SBA is a long-standing program intended to help businesses hurt by tornados or wildfires. This process is expected to be 1-2 weeks. But starting Monday, the SBA will install a new system aimed at turning them around in two or three days. The SBA's goal is to decide on your application within three weeks. 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 … How soon will I get the money from my Paycheck Protection Program or other SBA loans? An SBA presentation Thursday discussed how the COVID-19 program has been set up: – The loans will be processed as fast as possible. in portal: 'your application is being processed' Close. I feel like the SBA is ridiculous for a crisis they are giving legit businesses problems with obtaining a loan. After the national disaster was declared in March 2020, funds became available to help … A loan officer will contact you to discuss the loan amount recommendation and your next steps. Nav has partnered with multiple National and Regional lenders including the number one SBA loan origination software and services partner. 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 PPP Applications are Now Being Accepted. Thank you for your follow up. 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? The $350 billion in PPP money ran out just days after the Small Business Administration application process opened. Archived. 3. Credit: Cue378 an avid supporter of small businesses. The term “affiliate” has a specific legal meaning for the SBA. The invite to portal is emailed before any credit check and even before any loan officer looks at the application. Complete your PPP Application in 15 minutes or less. 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. 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. Posted by u/[deleted] 6 months ago. 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