The latest answers to your questions
Coronavirus Relief Loan – The CARES Act’s Paycheck Protection Program (PPP)
We’re here to help keep you informed. Answers will be updated as new details become available based on guidance from the US Treasury Dept., the Small Business Administration, and lenders processing and issuing PPP loans.
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PPP loan applications are only submitted to one BoeFly lender for consideration. If that lender is unable to process the application, we aim to pivot the application over directly to a different BoeFly lender. At no time will your application be sitting with multiple BoeFly lenders simultaneously.
Indication that an E-Tran number has been assigned to your EIN is good news. In all likelihood, your loan received SBA authorization by one of our bank partners (assuming BoeFly was the only other place besides your local bank where you submitted an application). All of BoeFly’s lending partners remain fully engaged in securing additional SBA authorizations; therefore, we haven't received the real-time updates that would enable us to specifically identify the lender that secured the E-Tran. As we receive information, we'll update your status on the Portal and advise you of the status change.
After your loan application is received by a bank, expect that funds will be disbursed within 10 business days of getting the formal SBA Authorization.
No. Despite the CARES Act stipulating a 10-business-day period between SBA approval and fund disbursement, many banks are struggling to process the volume they have within this time constraint. It does not mean you will not get your money. It means it just may take beyond those 10 business days.
Lenders are working diligently through their closing processes, but due to the heavy traffic and volume of loans, it is often taking them the full period of 10 business days. BoeFly is working with lenders to provide better insight into when borrowers, like you, should be raising their hands if they haven't yet heard from the bank.
Most likely, yes. Many of BoeFly’s lenders work with servicing partners to underwrite and process their PPP loan applications. As such, it is important that you take the actions prescribed in these emails so that your PPP loan can be funded. Many, if not most, of these emails will reference BoeFly so as to confirm they are working with us.
Once your loan has been assigned to a bank partner, you should expect that they will contact you directly or via one of their processing partners to handle the next steps.
