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View loan balance and make payments Create an account in the MySBA Loan Portal (lending.sba.gov) to monitor your loan status or to make payments. You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note.
For example, SBA may review a loan if the loan documentation submitted to the SBA by the lender or any other information indicates that the borrower may be ineligible for a PPP loan, or may be ineligible to receive the loan amount or loan forgiveness amount claimed by the borrower.
It can take 30 to 90 days to obtain approval for an SBA loan. However, some SBA loans, such as the SBA Express loan and Community Advantage loan, have a faster approval timeline.
Create an account in the MySBA Loan Portal (lending.sba.gov) to monitor your loan status or to make payments. You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note.
The loan is secured by the assets of the business. So if you fail to repay your loan, the SBA can take possession of the assets of your business.
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People also ask

Scammers are using the Small Business Administrations (SBA) name to con small businesses and individuals during the COVID-19 crisis through phone calls, emails, text messages and letters. Please note: If you are contacted by someone claiming to be from the SBA, suspect fraud.
SBA loan approval If your loan is approved, your lender will start to draw up your loan documents. Most importantly, this task includes a formal commitment letter detailing the loan amount, terms and conditions, any collateral involved, repayment terms and interest rate.
Loans through the U.S. Small Business Administration (SBA) are popular because they offer attractive interest rates and repayment terms. Because theyre so popular, only about half (52%) of all SBA loan applications are approved.

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