Throughout the flow the user completes the process to receive a first draw, then starts the process to receive a second draw. The entire process is streamlined to make it as smooth as possible for the user to apply. Once approved, the funding is deposited into the user’s bank account, which is connected at the start of the application process as part of Fast Lane’s fraud prevention and identity verification.
The user electronically signs the loan application, and it is submitted to the SBA. The data elements provided in the sign-up page populate the application for the PPP loan. From the user experience perspective, the process is completely integrated. The program is connected to multiple SBA-approved lenders, including Fountainhead, led by CEO Chris Hurn, another YPO member.
When a person uses the PPP Fast Lane to submit their loan application, the entire process happens seamlessly on the back end. Even though they are non-employers and they pay themselves, they are eligible,” says Cory Capoccia, Womply President and YPO member in San Francisco and Park City. “Most people, if they are a sole proprietor or independent contractor, may not recognize that they are eligible for the paycheck protection program. Congress intended for PPP to reach small businesses, but less than 3% of all previous funding went to businesses with one or zero employees during 2020. The entire program is set to expire on March 31, 2021. Now through March 9, 2021, the SBA will only accept and approve first or second PPP loan applications from applicants with fewer than 20 employees.
Currently, the SBA is focused exclusively on low- to middle-income (LMI) companies. All are eligible for the PPP loan, which is offered through the Small Business Administration (SBA). If the applicant can check these boxes, they can proceed to apply for their first draw of funding, their second draw of funding, and apply for loan forgiveness - all at one time through the PPP Fast Lane.Įligible businesses include nonprofits, veteran’s organizations, tribal concerns, self-employed individuals, sole proprietorships and independent contractors.
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bank account that is accessible online access to a PDF version of your 2019 tax filing and have not previously received a PPP or Economic Injury Disaster Loans (EIDL). The program has five requirements for any user: have a U.S. PPP Fast Lane is a web-based application that takes just minutes to complete.
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They can now complete the entire loan application process using their mobile phone by applying through the PPP Fast Lane, developed and provided free of charge by Womply, a technology company offering a local commerce platform for small businesses. The process to get this loan could not be easier - especially if the applicant did not receive funding during the first PPP rollout in 2020. Recent federal legislation has made USD285 billion available to restart PPP. For sole proprietors, independent contractors and self-employed individuals in the United States, now is the time to complete an application to get Paycheck Protection Program (PPP) loans up to a maximum of USD41,666.
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