A PPP loan application is not considered a “completed application” under Regulation B until a creditor receives a loan number from the SBA or a response about the availability of funds.
Therefore, the 30-day clock for Regulation B’s notification requirement does not begin to run until the creditor has received confirmation from the SBA that the loan is guaranteed.
Like all other loans, Regulation B requires creditors to act with “reasonable diligence” to collect the information required to complete PPP loan applications in a timely manner.