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

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March 24, 2020

by a searcher in Portland, OR, USA

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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Reply by a searcher
from Northwestern University in Los Gatos, CA, USA
We just submitted an SBA Covid19 disaster loan and got it approved in 5 business days with only 3 very small and simple requests from underwriting required to gain approval. The underwriter told me they received over 100,000 loan applications last Monday 3/16 when the program went into effect. So, in SBA’s defense, they’re definitely working quickly on some things.

^redacted‌. Re: essential service exemption, we meet that, but still can’t get in to many of the buildings we serve and have enough employees impacted (high risk individuals, self quarantined, or no child care) that this is hitting hard. The bank may be rightfully cautious.
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Reply by a lender
in Yorba Linda, CA, USA
The bank-direct SBA relief programs are not live yet (Payroll Forgiveness Loans). Banks are gearing up to provide them, but the legislation has not yet passed (we think it is very close now) so we also don't have clarity on the work flows we must put in place. That said, you all should expect that all SBA lenders nationwide will become very busy with these loans very soon, and since the needs of many business are urgent right now, those businesses will receive the priority they and their employees deserve. We will all be open for new business as well, but you may experience delays as the emergency funds are being prioritized.
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