Once approved, your loan will be closed and funded within approximately 10 business days.
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.
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
- (407) 789-3903.
- (800) 770-1504.
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.
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.
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.
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.
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.
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.
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.
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.