Quote:
Originally Posted by Trivers
Question:
This thread has been mostly focused on how to get PPP and EIDL funds.
Now the question is: What is the process once you are approved? Is it a traditional closing with loan docs?
Thanks
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I'm getting this from my consultant working with this client:
1. PPP App turned in
2. Bank came back, sign some underwriting docs
3. Bank submits to SBA
4. SBA came back with a revised document through the bank that client signed
5. Client signed, returned to bank, who then sent back to SBA
6. SBA confirmed approval via an email to bank, bank to client
7. There was some type of final loan doc the SBA had client sign. I don't know if that was through docu-sign or hard copy
8. Once that final loan doc was sign, SBA approves loan, bank funded....client said they received a check, which surprised me.