The bank's approval is the primary approval that matters, since the banks only submitted PPP loan applications that met their internal requirements. Yes, I kno

The bank's approval is the primary approval that matters, since the banks only submitted PPP loan applications that met their internal requirements. Yes, I know that's not how the CARES Act was supposed to work, but that's how it actually ended up working at all of the major US banks. Note: the SBA cutoff announcement on Wednesday was based on both the loans already approved and those in the queue for SBA approval. Loans submitted after the announcement Wednesday evening were SOL.