Has anyone submitted an SBA loan package within the last two weeks?

by a searcher

4 years ago

I just got off the phone with my lender/legal to kick off closing and they said SBA is crushed by relief package volume and they have no idea how long it will take to process our loan package at this point. Curious if anyone else is currently working with SBA right now.

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searcher from Northwestern University - Kellogg School of Management

Submitted an SBA COVID19 Economic Injury Loan application as soon as the applications opened in Colorado. That is moving slow, but what is moving fast is the deferral process for existing SBA loans. They are granting 3-4 month deferrals relatively quickly.

Has anyone done a rate review on their current SBA loans as part of this process? I'm thinking about it given the drop in rates. Though I'm figuring those won't get much attention given all of the other application volume for deferrals and disaster loans...

4 years ago | like reply | 1 like

lender from University of Missouri - Columbia

We just approved two loans yesterday and are moving to closings next week. A PLP lender should not have any real issues on closing deals as all we need from the SBA is the loan authorization number. That is just directly from their website.. Submitting directly to the SBA will likely be really slow as they are flooded with the disaster recovery loan submissions. I would expect this to be the case for some time.

4 years ago | like reply | 1 like

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