How long does it take for Fountainhead to fund a PPP loan?

Once approved, your loan will be closed and funded within approximately 10 business days.

>> Click to

Furthermore, can I track my PPP loan?

Currently the SBA has no facility for borrowers to check the status of their PPP loans. In fact, contacting the SBA is discouraged since it may slow down the process, and you will likely not get a response.

Subsequently, do PPP loans deposit on weekends? Moving forward, lenders must make a full, one-time disbursement of PPP loan funds within 10 calendar days of the loan being approved—that is, when a loan is assigned an SBA loan number. (If the end of this period falls on a weekend, or federal holiday, the final day will be the next business day.)

Also question is, how do I check my fountainhead PPP status?

How can I check the status of my Fountainhead PPP loan? If you applied for the PPP loan through our Fountainhead portal and it has been one week, please send an email to [email protected] with the subject line “checking on my PPP loan status”. We will respond to your email as quickly as possible.

How do I get in touch with the fountainhead?

Additional Contact Information

  1. (407) 789-3903.
  2. (800) 770-1504.

How fast is PPP fast lane?

about five minutes

How long does it take for PPP funding?

Once approved, the SBA requires lenders to disburse funds within 10 calendar days. Your loan is considered approved once the SBA assigns you a loan number. In general, the PPP loan funding timeline is around two weeks, from when you submit your application to the time the lender disburses funds.

How long does it take SBA to approve PPP loan?

The SBA’s rules say they must fund approved PPP loans within 10 calendar days from the date of approval, although if the borrower hasn’t provided correct information then it can be up to 20 days. However, if day 10 (or 20) falls on a weekend and/or bank holiday, then it’s the next business day.

How long does it take to get PPP after signing promissory note?

Lenders have up to 20 days after the date the SBA approves your application to fund your PPP loan. In most cases, this funding happens within 2 to 3 business days after you sign your promissory note. To avoid delays, check your application Status Detail to ensure your bank info is complete.

Is fountainhead a good lender?

Most recently, Fountainhead was approved to be one of SBA’s Preferred Lenders. This coveted spot in the Preferred Lending Program, awarded to a small percentage of lenders, grants designated underwriting for 7(a) loans, which shaves several business days off the approval and closing process.

Is Fountainhead SBA approved?

The Fountainhead Team Has Extensive SBA LOAN EXPERIENCE

Our team has been involved in financing over $28 billion in total projects including SBA 7(a), SBA 504 and Low-LTV Conventional loans, across all 50 states.

Is Fountainhead still funding PPP?

According to the SBA, the 30 member team facilitated the 12th most PPP loans in the country. So far in 2021 alone, Fountainhead funded $3.95 billion, after a total of $760 million in 2020, preserving 430,000 American jobs, they estimated. “We did not shy away from the latest round of PPP.

Is SBA still processing PPP loans?

SBA still processing PPP loans with hold codes — and the funding is officially gone. The Small Business Administration’s Paycheck Protection Program has until the end of June to wrap up the forgivable-loan program — and all of the funding has been spoken for.

What happens if a PPP loan is not funded in 10 days?

Initial guidance from the SBA stated that lenders had to disburse funds for PPP loans within 10 days of a borrower receiving a PLP number from the SBA. … Going forward, if funds cannot be disbursed due to a delay from the borrower (like missing paperwork), the lender has a total of 20 calendar days to disburse funds.

Leave a Comment