Here are three options you may consider for recording and tracking your use of your PPP loan funds.
- Open a separate bank account for your PPP loan. …
- Manually track your loan in a spreadsheet. …
- Track your PPP loan funding and spending in QuickBooks.
Similarly, can you track PPP funds?
Note: The SBA provided new guidance on PPP loan forgiveness on January 19, 2021. … With QuickBooks, you can keep track of how you use the funds you get from your PPP loan. As you use these funds, you may consider tracking them by creating expenses and running your payroll like you normally would.
Moreover, how do I check my PPP loan status with SBA?
Regardless of the method of application, all applicants can check their status by emailing [email protected]. In the email, you’ll need to provide your full legal name and your loan number. On the phone and through email, you may be asked to provide more information for identity verification.
How do I check the status of my SBA loan?
Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have.
How long does it take for PPP loan to be deposited?
Once your loan is approved, estimates are that it should take approximately 5-7 business days for your funds to become available. By law the your lender has up to 10 calendar days to fund your account once it receives notification of your loan approval from the SBA.
How much PPP money is left as of today?
As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.
Is there a 3rd round of PPP?
A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. … Business owners can still apply for an EIDL loan but PPP loans are no longer available.
Where do I find my SBA loan number?
What is my loan number? Your loan number might be on a statement or letter from the SBA. It is NOT your application number. If you do not have a letter or statement, please contact your Service Center or the main SBA help desk at 800-659-2955 if you do not know your Service Center.
Why is my PPP loan taking so long?
Make Sure You Fully Completed the Application and Submitted Enough Documentation. Completing your Paycheck Protection Program application incorrectly—such as not filling out signatures or other fields—can delay the process for weeks. … Missing documentation can also delay your PPP loan application.