The SBA announced on May 12, 2021 that it will continue to process applications with hold codes up until May 17, 2021 at 5:00 PM ET.
On May 4, 2021, the SBA informed trade associations that the PPP general fund had been exhausted and is closed to new applications. On May 12, 2021, SBA announced to lenders that they would remove all applications with hold code statuses from their platform on Monday, May 17 at 5:00pm ET.
In a change of direction, the SBA did not withdraw hold code applications from its system on Monday. Instead, the SBA indicated that they would continue processing hold codes for a limited time. In connection with this SBA update, we will continue processing applications with hold codes until Friday, May 21 at 5:00pm ET. Any hold code loans not approved by the SBA on Friday evening will be withdrawn, and impacted borrowers will be notified of the action by email.
Borrowers who have been unresponsive to document requests to clear their hold codes will be withdrawn from the system, notified, and provided with the SBA lender match tool.
Borrowers whose applications have an SBA hold code can check their status in the portal by following this guide and can log into their account via The Loan Source website. Please be sure to opt in to our email notifications to ensure you do not miss any important updates!