SBA Loans

Ensure your application is processed without delay by ACAP & The Loan Source

In order to steer clear of delays and SBA rejection due to clerical errors it is important that your PPP application is thorough and complete. Be sure to avoid these common mistakes when submitting your application:

Missing Documentation:

A full list of required documentation can be found here. More than half of all borrowers who apply for the PPP are missing supporting documents that are important to moving the process along.

Common documents that borrowers tend to forget to include are:

• Health insurance support documentation
• Retirement plan support documentation
• Other eligible payroll supporting documents

If you have already submitted your application without this information, please make sure to gather these documents and have them ready, as a verifier will be reaching out to obtain this information from you.

Inconsistent Application Information:

To expedite the SBA’s acceptance of round 2 applications, please make sure to enter your second draw loan application information identically to how the first draw application was completed. This includes:

• EIN number format (with or without dash)
• Owner information
• Order of appearance
• SSN number format (with or without dash)
• Ownership percentages

Following these simple tips will expedite the process and shorten the timing to receive your funds.