I have received several calls over the last few days from nervous borrowers whose PPP application is stuck somewhere in the PPP process. With the looming 3/31 deadline (which may get extended) they are getting nervous about getting their money in time.
If you have started a PPP application with a lender, and feel like it’s taking too long, you need to push hard to determine where you are in the process. If the lender has already submitted your application to the SBA, you are essentially stuck on the path you have chosen. You need to advocate and push hard with your lender to get your loan wrapped up – trying to understand exactly where the delay is.
If your lender has not submitted to the SBA, you can stop your application with them and start with another lender. But remember that the grass is not always greener on the other side. Do your homework carefully on your new prospective lender. Find out the cause of your current hold-up and interview them about if they are having similar issues with other borrowers.
I wish everyone the best of luck who is trying to wrap up their PPP loans.