After Wells Fargo submits your loan forgiveness application to the SBA, you will receive an email confirmation. The SBA has up to 90 days to review the application. Wells Fargo will notify you within five business days of your loan forgiveness decision.
Also question is, are PPP loans Round 2 available?
The second round of the Paycheck Protection Program (PPP) is now open. The Consolidated Appropriations Act 2021 includes a second round of funding for the PPP, aimed to help small businesses that remain financially impacted by the pandemic.
One may also ask, do you have to wait 8 weeks to apply for second PPP?
When can you apply for the Second Draw? Eight weeks must pass from the time you get the First Draw PPP until the Second Draw PPP is disbursed to you. You can apply for the Second Draw before the 8 weeks has passed. However, if you do so, you want to make sure you don’t accept the Second Draw money until after 8 weeks.
How do you qualify for the second round of PPP?
Who qualifies for second-draw PPP loans
- Have no more than 300 employees.
- Have used or will use the full amount of your first PPP loan.
- Can show a drop of at least 25% in annual gross receipts or for any quarter of 2020, compared with the same quarter in 2019.
- Have not permanently closed.
Is Blue Acorn still accepting PPP applications?
Unfortunately We Are No Longer Accepting Applications
We are currently unable to accept new applications for PPP loans, due to high volumes, limited SBA funds, and the program’s upcoming 5/31 expiration.
Is it too late for second draw PPP?
Deadline and Fund Availability and Some Lender Requirements: Under the Extension Act, the last day for lenders to submit applications for Second Draw PPP Loans is May 31, 2021, and, the SBA will have an additional 30 days to process the applications submitted before June 1, 2021.
Is it too late to apply for PPP?
It’s not too late to apply! IMPORTANT UPDATE FOR 2021: President Biden has signed an extension of the PPP loan program until June 30, 2021.
Is there still PPP money left 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 Wells Fargo accepting PPP Round 2 applications?
Wells Fargo has stated that it will participate in the 2nd round of PPP funding. The bank, one of the nation’s largest and most widespread, is one of the more accessible big lenders in the country. Wells Fargo made 185,598 PPP loans in 2020.
Is Wells Fargo accepting PPP?
We are now accepting PPP loan forgiveness applications for most loans originated in 2020 and 2021. When your loan is eligible, you will receive an email invitation and a link to the forgiveness application will be available through Wells Fargo Business Online®, or the Commercial Electronic Office® (CEO®).
What expenses qualify for PPP forgiveness Round 2?
PPP borrowers can have their first- and second-draw loans forgiven if the funds are used on eligible costs. As with the first round of the PPP, the costs eligible for loan forgiveness in the revised PPP include payroll, rent, covered mortgage interest, and utilities.
What is the deadline for 2nd round PPP loan?
Why is Wells Fargo not accepting PPP applications?
We have stopped accepting applications for PPP loans due to the Small Business Administration (SBA) PPP funding being exhausted. … Wells Fargo offers several loans and lines of credit for small businesses.
Will PPP Round 2 deadline be extended?
The PPP Extension Act of 2021, which became law on March 30, extends the PPP application deadline to May 31, 2021. The PPP Extension Act also provides an additional 30 days—until June 30—for the SBA to finish processing applications received by the May 31 application deadline.