What is stage 2 and stage 3? Where does the Chase website identify it as that?
From a email I got.
Dear Business Client,
We're following up on the status of your application for a Paycheck Protection Program loan. We know how important these funds would be to your business and we hope this update gives you some insight into the processes both here at Chase and the SBA.
We continue to monitor congressional actions for a possible new round of funding for the program. We also will keep processing as many applications as possible so we will be ready to submit them if new funding becomes available.
Here is the high-level overview of the review and approval process:
Here's the update on your application:
Current Status: Stage 2, Payroll review
Our process: We are working through our inquiry and application queue. We are now reviewing the documents you provided demonstrating your payroll amounts.
What you should expect: Our team is manually reviewing your payroll documentation. Once we complete our review, we'll be ready to send your application to the SBA for approval if additional funding becomes available for the program.
You don't have to do anything else now. If we have questions as we're reviewing your application, we'll email you. In the meantime, we'll keep updating chase.com/cares with the latest information.
Thank you for being a Chase customer.
