Yes, this is different from the PPP, they will let you know within 3 days.
Not true. I applied for our small biz Tuesday. Haven’t heard a thing from them so went online to get some answers. Apparently SBA is doing their own rules on this. Will take them up to 21 days to process it and then you can get your money 3 days after it’s approved. And they said the $10k is only for companies that have at least 10 employees. Then I saw the banks are using their own rules. If you apply for a PPP loan at the bank where you have a biz account if you don’t already have a biz loan or a biz cc through them you won’t qualify for the PPP.
If this was meant to keep small businesses afloat it is not going to work with those timeframes and rules.