sba loan increase request

First Draw PPP Loan or request an increase in a First Draw PPP Loan that was approved on or before August 8, 2020. Any existing SBA lender and any federally insured depository institution, federally insured credit union, and Farm Credit System institution is eligible to make PPP loans. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. By adopting a forward-thinking and proactive approach to loan forgiveness and its review, borrowers may increase the likelihood of having their loans forgiven. Some loan programs set restrictions on how you can use the funds, so check with an SBA-approved lender when requesting a loan. The purpose of this Notice is to guide SBA employees and Lenders on the procedures for such reapplications or requests for increases for a First Draw PPP Loan … Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process.® is not a lender and you do not have to request a loan through® or its partner to access PPP funds. Loans guaranteed by the SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital.

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