How to Cancel a PPP Loan Application

What makes it so difficult to paperwork? The Small Business Administration (SBA) administered the Paycheck Protection Program (PPP) put into place to assist smaller companies with keeping their workers and venues.

Determining how to cancel your PPP loan application can help you minimize current financial obligations – particularly if you do not qualify for loan forgiveness. How to cancel a PPP application depends in large part on whom you filed the paperwork with.

Can I Cancel My PPP Application?

Yes, you can paperwork; however, you have to work with the lender you contacted to draw up the papers. There are different ones doing business all across the country. Each one has found a way to streamline the application and disbursement processes. Determining how to cancel PPP application papers, therefore, varies with each lender. Good examples are Square Capital and QuickBooks Capital.

Can I Cancel My PPP Loan Application With Square Capital?

Square Capital is one of the lenders that offer PPP loans. The company offered a way to cancel the paperwork until it is verified by Square.

Visit the Square website and navigate to the customer dashboard.
Select the "view details" function of the PPP loan.
Find the three small dots at the top right-hand corner of the application details.
Select "cancel loan" from the menu.

The system will ask you to confirm that you want to cancel PPP application processes. There is a similar set of steps to take if the SBA has already reviewed and approved the application. In this case, you only have the option of canceling the approved loan within two business days.

Can I Cancel My PPP Loan Application and Reapply with Square Capital?

If you successfully cancel your loan with this lender, you cannot reapply for another PPP loan with Square. You may be able to put in an application with another lender. However, the company warns that the SBA may question your eligibility to receive funds.

How to Cancel My PPP Application With Intuit Quickbooks

QuickBooks Capital is another lender administrating the PPP. There are different rules in play for canceling your process with this lender. You will find that cancelation rules will vary across the board, depending on the lender you work with. Moreover, you will notice that some offer cancelation options even after the loan funds, while others do not offer the service.

Email the lender

PPP-cancel@intuit.com

NOTE: This option only applies if the application has not yet been sent to the SBA.

Don’t forget to:

Include your first and last name.
List your loan identification number, which you can find on the lender's website at the "Capital tab."
State your company's name and the email address that you used when first applying.

Determine whether you may need the funds in the future, and acknowledge that the SBA may allocate funds before you have a chance to reapply in the future. Can you cancel a PPP loan application with Intuit after it has been received by the SBA? If you began the process with Intuit, you cannot cancel the loan process at this point.

Can You Cancel PPP Loan Application Paperwork With Other Lenders?

There are additional lenders that work with the SBA to allow smaller companies to take advantage of the PPP. As outlined already, each of these lenders will have its own rules when it comes to cancelations. For a busy small business owner who might have applied for multiple loans, it quickly gets complicated. If you do not have the time to read through all the fine print, consider enlisting the assistance of DoNotPay, which has streamlined the process of canceling loan applications. It is quick, easy, and gives you the tools you need to track your cancelation requests.

I Want to Cancel My PPP Loan Application With DoNotPay

DoNotPay is a website that specializes in taking complex processes and streamlining them for busy consumers and business owners such as yourself.

Search for the "Cancel Anything" function on the DoNotPay website.
Find and enter the name of the lender you need to cancel your PPP loan with.
Take a couple of minutes to answer a few questions about the PPP loan you want to cancel so that DoNotPay can compose a cancellation letter.