First Liberty Building And Loan Underwriting Process
application has been received and is in our queue awaiting assignment to a team
- Compliance Review
A team member is
reviewing your file to confirm all needed documentation is included and the
application is compliant with SBA requirements.
- Additional Information Needed
information or clarification is needed a team member will be in contact. This step will not apply to all loans.
- Additional Information Received
requested information has been received and your file is being updated. This step will not apply to all loans.
- Submitted for Underwriting
passed compliance review and has been submitted for underwriting.
- Underwriting Review
Application is being
underwritten by a team member.
- Underwriting Complete
Underwriting has been
- Submitted for Approval
approval and SBA number.
SBA approved and
- Submitted for Funding
Reasons Why You Might Be Disqualified For A Paycheck Protection Program Loan
The Paycheck Protection Program Loan is open to all U.S. businesses that meet the following criteria: Businesses, nonprofits, Tribal businesses, and veteran’s organizations with 500 employees or less can qualify Max loan size is equivalent to 250% of ...
Do I Have To Pay The Paycheck Protection Program Loan Back Right Away?
No, Loan payments will be deferred for 6 months.
Are The Paycheck Protection Program Loans Really Forgiveable
The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and Employee and compensation levels are maintained.
Who Can Apply For The Paycheck Protection Program?
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply.