To understand PPP loan delays, it helps to know who is involved in the process, and what their roles are.
There are three entities directly involved in PPP loans:
1. The borrower
The business or person applying for a PPP loan (example: a self-employed person, an LLC with many employees, etc.)
2. The lender
The SBA-approved institution that receives applications, submits those applications to the SBA, and provides funds to the borrower (example: a bank or credit union)
3. The Small Business Administration (SBA)
The government agency that administers the Paycheck Protection Program (PPP). They review every application before telling the lender whether the application is approved or rejected.