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Situations may exist in which it may not be accurate to estimate a PPP recipient's payroll expenses based on the amount of PPP loan received. SES - Senior Executive Service Pay Calculatorįor Blue Acorn, LLC, the calculation used to estimate payroll costs is shown below:.FWS - Federal Wage System Pay Calculator.You can quickly check to see what you might be eligible for (for illustrational purposes only). We put together a stimulus funding calculator. Once you review your qualification again and consider trying another lender or contact the lender you applied with, you can also take a look at your other options. The first round had billions left over in PPP funding and based on last week's data, only around 10% of this rounds PPP funding has been allocated. Check Your Other Small Business Funding Eligibility Here are three lenders for you to consider, if you've been denied from one or still haven't heard back: Bluevine or Funding Circle or Credibly. One example being, a big bank (take your pick) never got back to the applicant, so people applied with alternative lenders. This approach is what many people did in the first PPP round.
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And example of this may be that you got a first PPP loan and nothing's changed and you meet the second PPP draw qualifications. Second, if you're sure that you qualify ( re-read the rules yourself, this post is not advice - this is for illustrational purposes only), you can try other lenders as well. Many lenders have protocols in place to automatically reject duplicate applications, so before you apply for the same lender again, see if you can get in touch with them.īe forewarned, many lenders are extremely busy so it may take some time for them to get back to you. If you feel they made an error you can try to get in touch with them. In many cases they may share the reason why you were denied. And fourth, it could be because your lender's internal system flagged your application (perhaps correctly or incorrectly) and send a form reply to you.Įxample Reason for PPP Application Rejection What You Can Do If You've Been Rejected for a PPP Loanįirst, check the information the lender you applied with sent to you. Third, it might be because of the lender you applied with had specific rules about when to apply and wasn't ready for your application (see below example letter).
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Second, it might be due to an SBA software issue incorrectly rejecting 2nd time applicants who haven't had their first loan forgiveness. There are several reasons why you might be rejected for a PPP loan: First, you might not meet the qualifications of the program. Reasons Why You Might Have Been Rejected for a PPP Loan
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However, if you had a special circumstance, or even just a circumstance that wasn't covered in a lender's automation you may have likely been put in a manual review pile. Many lenders put in automated steps to cover most cases during the application process - automatically verifying supporting docs, having a systems of flags to pass people through internal checks, and more. If your application was put in "manual review" chances are it's in a queue waiting to be looked over. While many lenders spent the time to automate processes and increase their throughput, many have not and may be doing manual review. Lenders have received millions of applications collectively in the first 3 weeks of the program. Reasons Why You Might Still Be Waiting on PPP Loan If you've applied and are still waiting - or if you've already heard back and your not approved - here's a helpful post on what you can do. As of last week, over 400,000 PPP loans have been approved in the first 2 weeks of the 2021 PPP program.