Paycheck Protection Program (PPP) Learn more about how to get help with your PPP loan. Borrowers who need assistance with direct forgiveness can contact SBA at our dedicated forgiveness call center: 877-552-2692. The call center is open Monday through Friday, 8:00 a.m. to 8:00 p.m. ET.

What can deny a PPP loan?

Why Was My PPP Loan Denied? Your PPP loan may have been denied because you failed to pass the SBA’s eligibility requirements. There’s also a chance that you made an error on your application, such as putting a zero in the wrong place or mistyping your Employer Identification Number.

How long can you use PPP loan?

At least 60% of your PPP loan must be used for payroll costs and the remainder must only be used for qualifying non-payroll costs. Businesses have up to 24 weeks from the date you received the loan to spend the funds in a manner that is eligible for loan forgiveness.

Are there any questions about the PPP loan forgiveness application?

As GrowthLab dives into everything PPP, we have fielded many questions during our weekly GrowthLab Jump sessions, office hours, and in customer meetings. Here are the top 15 questions about the PPP Loan forgiveness application process that we encountered during our live GrowthLab Jump session on Monday, June 29th.

What are the guidelines for a PPP loan?

This is according to the SBA’s guidelines for determining qualification for a PPP loan. With applications being heavily scrutinized by the SBA in this round of the program, Lendio is committed to carefully adhering to all compliance processes. What are the forgiveness guidelines?

When does second draw PPP loan go into effect?

The Paycheck Protection Program was updated and expanded under the Consolidated Appropriations Act, passed in December 2020. Learn more about the Second Draw loan and see the top questions our experts have received so far.

When does SBA deny a PPP loan application?

The only time SBA would deny an application is if the borrower had either a delinquent or default status on a prior SBA loan. Otherwise, SBA’s application system would approve the application as soon as the lender submits it.