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If you already have one or have applied for an SBA loan, you probably want to check your loan status.
Trying to find out your loan status can feel like searching in a deep dark never-ending hole. Your plans, whether maintaining the business you have or starting a new one, are on hold, and you, understandably, want to know how and when you can move forward.
The following will give you resources to effectively check your application status with the SBA, including current SBA loans such as 7(a), microloans, 504 loans, EIDL (Emergency Injury Disaster Loan) loans, and PPP (Payment Protection Program) loans.
For those considering applying for a loan that ended up on this page, here is a quick explanation of an SBA loan.
The Small Business Administration (SBA) works with lenders to provide loans to small businesses. They don’t loan directly to small business owners. Instead, they set guidelines for loans made by their partner lenders to the business owners. The SBA helps reduce the risk for lenders and makes it easier for them to lend to small businesses.
If you are interested in learning more about SBA loans and other funding options, check out our post on Franchise Financing Options.
Check SBA Loan Status
The main website to check your application status is the SBA website. Scroll down to “How to check account status for existing SBA loan borrowers,” or you can click here. This is the easiest and quickest way to check your loan status.
Checking on Your SBA Emergency Injury Disaster Loan Status (EIDL)
There are four ways to check your EIDL SBA loan status:
1. Contact EIDL SBA loan status by clicking here.
You will need the email address or username and password you used to register when filling in your online application. You’ll be able to check the status of your loan once you’re logged in.
2. Contact The Disaster Loan Assistance Portal
You will need the email address, username, and password used when you applied for your loan online.
3. By email
If you applied for the EIDL program by snail mail, you could reach the SBA by email at [email protected] to make your inquiry.
If you didn’t make a profile online, sending an email is your best way to go.
*NOTE - If you applied for your EIDL loan online, using their online portal shown in #1 and #2 above is your best option.
4. By phone
Another way to check the status of your loan, if you applied by snail mail, is to call 1-800-659-2955, the SBA Disaster Assistance customer service center.
They may ask for additional information such as your application number (if you applied online), the name of your business, your federal tax ID, and your legal name.
They will help you with the application process, checking on the status of your loan, and answering any other questions you may have.
*NOTE - If you have any questions, be sure to have them ready, so you use your time efficiently if you call.
Check the Status of Your PPP Loan
PPP loans may be eligible for total loan forgiveness, including any accrued interest. To find out if you’re eligible, check PPP loan forgiveness.
There are two ways to check the status of your PPP loans.
Each lender sets its policies for tracking PPP loans, so contact your lender directly for information and updates. Many lenders have made online information and portals easy for you to access, and many of them even send status updates via email or snail mail.
Contact the SBA directly. The COVID disaster was so big that the SBA had a hard time offering adequate help regularly. However, there are business owners who were able to get meaningful information from them.
To check the status of your PPP (paycheck protection program) loan status, go to the SBA Paycheck Protection Program webpage.
Try contacting your local SBA office.
If you need some extra help or don’t understand the process, the SBA offers free counseling to help you with the Paycheck Protection Program.
A Final Thought
If it’s been days or weeks since you saw your loan status updated on the portal, or you’ve been put on hold when you call customer service, it can be frustrating. Please be persistent.
We encourage you to go to the portals suggested, send emails, or make phone calls. Stay persistent, and you will get your status update.
