As a small business, the PPP loan might be the lifeline that keeps you afloat. To help manage the process, the SBA has created a portal where borrowers can track their loan status. This portal allows borrowers to submit PPP loan applications, review their loan documents, and track their loan status. One of the most critical statuses in the portal is the SBA status “Amount Confirmed.”
When borrowers submit their loan application in the SBA portal, they receive a notification of their loan status. Sometimes, the status might indicate that the SBA needs additional information to complete its review. This status is typically labeled “Under Review” or “On-Hold.” However, when a borrower’s loan amount is confirmed, they receive the “Amount Confirmed” status. This status indicates that the SBA has reviewed their application and agreed to provide the requested loan amount.
By closely monitoring the status updates and responding accordingly, borrowers can smooth out the loan approval process and get the funds they need to keep their businesses strong.
What does it mean when you see SBA Status “Amount Confirmed”?
Amount confirmed SBA status means that you have accepted the offered amount in the SBA portal. Therefore, the loan is being processed and considered. You will get the SBA status “funded” if your loan is approved.
Below, you can see how it looks when your SBA loan is funded:
Once borrowers receive the “Amount Confirmed” status, they should review their loan documents and accept the offered amount in the SBA portal. By taking the loan amount, the borrower indicates to the SBA that they agree with the terms and are ready to proceed with the loan process. The SBA will then continue to process the loan and consider it for approval.
If a borrower’s loan is approved, their SBA status will be updated to “Funded.” This status indicates that the loan has been approved and the funds have been allocated to the borrower’s account. However, it is crucial to note that even after receiving the “Amount Confirmed” status, borrowers should continue to monitor their loan status in the SBA portal. Sometimes, the SBA may need additional information or clarification, which could impact the loan approval process.
Given the importance of the PPP loan to small businesses, SBA status updates are critical in helping borrowers manage their finances, cash flow, and expectations. The SBA’s portal provides a transparent and proactive way for borrowers to track the status of their loans in real-time. Borrowers who understand the various status updates and how to respond to them are far better positioned to maximize the value of the PPP loan program.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com