Question:
If I apply for economic relief under the CARES act, when will I receive my benefits?
Answer:
The average amount of time it takes to process an SBA loan is 21 days. After that is an average of three days to get the money direct deposited. However, once you apply, there is $10,000 of economic aid available within 72 hours. If everything the SBA is trying to do goes as planned. This $10,000 is for immediate payroll and operating relief. As long as you use it for that, the amount can be paid out of your second loan payment, and you will not need to pay that money back.
The SBA gives an average amount of time, because the later you submit your application, the less funds will be available, and the more applications they have to process before yours. Additionally, if your application does not include all of the required documents, or is filled out incorrectly, it will take longer. Much of the time the SBA will request more information, speed in getting this information back to the SBA is key. If you wait too long your application will, likely, get significantly delayed.
We can help you submit as much documentation as possible with your application, and we will fill out the forms, on your behalf, in a way that makes them easy to process, which should avoid any significant delay, if you apply early.
