What makes it so difficult to cancel PPP loan application paperwork? The Small Business Administration (SBA) administered the Paycheck Protection Program (PPP) put into place to assist smaller companies with keeping their workers and venues. Determining how to cancel your PPP loan application can help you minimize current financial obligations – particularly if you do not qualify for loan forgiveness. How to cancel a PPP application depends in large part on whom you filed the paperwork with.
Yes, you can cancel PPP loan application paperwork; however, you have to work with the lender you contacted to draw up the papers. There are different ones doing business all across the country. Each one has found a way to streamline the application and disbursement processes. Determining how to cancel PPP application papers, therefore, varies with each lender. Good examples are Square Capital and QuickBooks Capital.
The system will ask you to confirm that you want to cancel PPP application processes. There is a similar set of steps to take if the SBA has already reviewed and approved the application. In this case, you only have the option of canceling the approved loan within two business days.
If you successfully cancel your loan with this lender, you cannot reapply for another PPP loan with Square. You may be able to put in an application with another lender. However, the company warns that the SBA may question your eligibility to receive funds.
QuickBooks Capital is another lender administrating the PPP. There are different rules in play for canceling your process with this lender. You will find that cancelation rules will vary across the board, depending on the lender you work with. Moreover, you will notice that some offer cancelation options even after the loan funds, while others do not offer the service.
NOTE: This option only applies if the application has not yet been sent to the SBA.
Determine whether you may need the funds in the future, and acknowledge that the SBA may allocate funds before you have a chance to reapply in the future. Can you cancel a PPP loan application with Intuit after it has been received by the SBA? If you began the process with Intuit, you cannot cancel the loan process at this point.
There are additional lenders that work with the SBA to allow smaller companies to take advantage of the PPP. As outlined already, each of these lenders will have its own rules when it comes to cancelations. For a busy small business owner who might have applied for multiple loans, it quickly gets complicated. If you do not have the time to read through all the fine print, consider enlisting the assistance of DoNotPay, which has streamlined the process of canceling loan applications. It is quick, easy, and gives you the tools you need to track your cancelation requests.
DoNotPay is a website that specializes in taking complex processes and streamlining them for busy consumers and business owners such as yourself.
This letter goes to the lender with identifying information to help the staff there cancel your loan.
DoNotPay regularly helps people like you cancel a wide variety of products and services. Examples include:
