My dashboard displays an error code, what does that mean?
There are different types of errors that the SBA may report when an application is submitted into the SBA processing queue. Many of these are what is known as 'validation errors' which are basically automatic responses that the SBA issues when an application is submitted. When one of these errors occurs, you will generally see the message appear on your Biz2Credit dashboard, along with suggested next steps you can take to resolve the error.
If you see an error in your dashboard it means that your application was turned away by the SBA before it was received into their systems. Your SBA loan number has not been assigned, so you are not limited in submitting applications for that business. However, to proceed with your application you will need to edit and resubmit the application in order to get the SBA to accept the application into their system. You can learn more by watching the webinar replay that is listed on your dashboard, or joining an upcoming webinar session if one is available.
While you can resolve some errors in your Biz2Credit account by editing your application, for others you may need to contact your regional SBA office or, if you took a PPP loan from another lender in the past, your previous lending institution to understand the error code and possible next steps.