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PP Loan Status – Update 4/17 10:40 AM

There is a good deal of concern and confusion in the wake of the announcement by the SBA that funding for its Paycheck Protection Program had been fully allocated. There is a lack of solid information about whether specific loans are in the allocation but the feeling is that you are included if you have been notified that you have been approved and have an SBA number.

Each Bank is treating the process differently. If you have a note, then it should have an SBA Loan number on it. We don’t know whether these are specific to banks, but the example we have seen is a 10-digit number.  Individual banks will presumably notify their customers.

We’ll post more information as it comes in, but here’s what Citibank sent to one applicant who’s loan was ‘in process’.   

On April 16, 2020, the Small Business Administration announced that funding for its Paycheck Protection Program had been fully allocated. We are continuing to process your application and we will hold your application for up to 30 days from the date it was originally submitted in the event that additional SBA funding becomes available under the same terms and conditions.

There can be no assurance that additional funding will become available or that it will be available under the same terms and conditions. Please continue to check your email for updates on your application.

Thank you.

Citi