Waiting to Hear Back About Your PPP Application? Here’s What to Do

Though Elevate Funding is not a PPP loan provider, we have recently received an influx of calls from business owners inquiring about their PPP applications.

Here are some actionable steps you can take while waiting to hear back about your PPP application:

• Ensure your application was completed in full, including all required paperwork, documentation, and attachments. Did you receive confirmation that your application was complete? If not, be sure to check in on that. The hold-up could be something as simple as an incomplete application.
• Contact the lender you applied with directly. I know it can be difficult to wait, but many PPP lenders have been very busy and overwhelmed keeping on top of their application volume. Check in with your lender to ensure that your application is tracking along as expected — they may even be able to give you a clearer timeline for when to expect your funds. The lender you applied with is the only one who can effectively answer your questions about your application.
• Consider your alternatives if you need funding ASAP. Many business owners are waiting for their PPP funds while undergoing financial hardships now. If you are in need of funds quickly, we want you to know you have options outside of PPP, and you don’t have to keep waiting. Again, we do not offer PPP loans here at Elevate Funding, but we do provide alternative financial solutions for small business owners, and our turnaround is as fast as 24 hours. More info on our financial products here.

If your business needs funding now and you’re interested in learning more about our Merchant Cash Advance products, please click here to send us an inquiry. One of our customer care representatives will get back in contact with you as soon as they’re available.