Incorrect tax ID, such as a Social Security number or EIN.Incorrect or mismatched information, such as a business address on the application that doesn’t match the address on the uploaded documents.Basic info problems: The application includes incorrect information, such as:.Here are some common problems that could delay your PPP loan: The most frequent reason for delay is an error made by the borrower. The SBA reviews applications and approves or rejects them. SBA (Small Business Association) : The US government agency that administers the PPP.Lender : The SBA-approved institution that receives applications, reviews them, submits them to the SBA, and provides funds to the borrower.Borrower : The person or business that applied for the PPP loan. To understand how long it might take to receive your loan, it helps to know who’s involved in the process and what their roles are: The bank account is used for multiple businesses, and they don’t match the business name on the application.The bank account belongs to someone else, such as a spouse or a friend.The bank account is a personal account rather than a business account.The business name has changed since you opened the account.The bank account holder name doesn’t match the name on the application.Here are some common reasons why your bank account validation might fail: Tax ID: If you opened your bank account by using your business tax ID (EIN, or Social Security number if you have no EIN), it must match the values on your PPP application.Address & Phone: The address and phone number on your bank account must match the values on your PPP application.If your applications lists only your first and last names, they must match the names on your bank account. If your PPP application lists a DBA or tradename, that name must match the name on your bank account. Name: The name on your bank account must match the name on your PPP application.If possible, connect this account and provide a voided check, your ID, and a bank statement.īefore submitting the update, make sure that your bank account information includes: Provide as much info as possible about an additional checking account from a different bank.Make sure the bank is verified and is selected as the default bank for deposits. Select the application you want to update.You can update your bank information directly from your application:
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |