By Chip Phillips on May 11, 2020
Tags: COVID-19 Resources
With the current increase in the number of available programs and loan applications, it is difficult to estimate exact times for processing and receiving money from federal loans.
For example, once a Paycheck Protection Program loan application is approved, the business is supposed to receive the first funds from their lender within 10 days. However, since the PPP is a new program with high demand, businesses are experiencing delays in processing and payment.
Some people have seen the money come in as soon as 2-3 business days after their loan was approved, whereas others have reported waiting more than 2 weeks for their first funds.
As with loan applications, it is best to check with your bank or credit union on the status of your money (once your loan has been approved) and when they anticipate the money from federal loans will clear.