URGENT: The PPP has received additional funding! It’s not too late to apply!
April 16, 2020
The PPP ran out of its initial funding, but congress has approved an additional $320+ billion in a second round of funding. President Trump signed the bill approving a second round of coronavirus relief on Friday, April 24, 2020, and the SBA will open the system for more PPP and EIDL loan applications as soon as possible.
If you haven’t yet applied for your emergency COVID-19 disaster relief funding, you should submit your application ASAP.
The Paycheck Protection Program’s initial $350 billion in forgivable loans was spoken for as of April 16, 2020, according to the U.S. Small Business Administration. Approximately 1.5 million businesses were been approved for the first round of forgivable PPP loans.
Womply is acting as a facilitator to connect American small businesses to SBA-authorized lenders to get emergency loans for COVID-19 relief. Start your free application here, or call us at 855-208-8813 for a free consultation.
Has all the PPP money been spent / allocated?
As of April 16, 2020, the original allotment of $350 billion dedicated to the Paycheck Protection Program for small business loans ran out. The Senate approved an additional (round 2) influx of about $320 billion on April 21, Congress approved it on April 23, and President Trump signed the bill on Friday, April 24, 2020.
As of the 16th, only a very small percentage (less than 10%) of approved loans had been funded, by our estimation. It often takes 10+ days for many banks to start delivering approved funds to businesses.
With the new influx of funds, there is sure to be a crush of fence-sitters finally deciding that it’s time to get their applications in for a PPP loan.
Is it too late to apply for a PPP loan?
Absolutely not. If you haven’t already applied, you should still do so. We expect this program will get at least another $200 billion in addition to the second round of funding, since even the second round of $300 billion is sure to run out relatively quickly and demand by America’s struggling small businesses is so large.
Want to know how much you may qualify for? Check out our SBA PPP calculator
Can I still apply for the EIDL grant program?
The EIDL program also quickly ran out of money under the first round of CARES Act funding. However, the EIDL grant program has been re-funded with $10 billion as of 4/23, and an additional $50 billion has been allocated for SBA emergency disaster loans. So if you want to get your share of EIDL money, we recommend you APPLY NOW.
Recommended PPP next steps
If you have not yet applied for a PPP loan, we recommend you start your application here immediately, even though the initial budget of $350 billion has been depleted. Womply is working as a loan agent and facilitator to connect America’s small businesses with SBA 7(a) approved lenders who are accepting applications.
IMPORTANT: Every business seeking PPP funding needs to get an accurate, complete application approved by a verified SBA 7(a) lender in order to be assigned an E-Tran number. This acts as a virtual place in line to receive PPP funds. If you want a shot at PPP funding in the event the program receives additional federal money, you need to follow these steps to save your place in the queue.
We will continue processing applications day and night, and should the second round of funding run out, we will continue processing applications in anticipation of additional funds being added to the PPP due to the immense demand. It is not too late!
If you applied through your own SBA-approved lender and have not been approved: We recommend you apply immediately: Start here. Our lenders are moving faster than many banks and we’ve helped thousands of businesses who were ignored or rejected by their lenders. Remember, Womply doesn’t charge anything for this service (nobody should be charging you any fees to apply for an SBA loan) and you have no obligation to wait for your bank (particularly if they can’t serve you in a timely fashion).
If you started but did not complete your application through a Womply affiliated SBA lender: Please follow the instructions in the email you received to complete your application.
If you have completed your application through a Womply lender: Please wait while they process your application. We’ve deployed our support team to augment our lenders’ staff so we can process applications faster. But we’ve asked our team to stop providing individual status updates unless we actually need you to fix something in your application. Given the millions of businesses scrambling to apply, we feel it’s preferable to process your loans efficiently rather than spending time providing status updates. We will continue to provide general updates here.
Want help applying for your PPP loan?
Womply is working as a loan agent and facilitator to connect America’s small businesses with SBA 7(a) approved lenders who are accepting applications.
We’ll provide you with additional support and resources and help you find an eligible lender near you.
Click here to start your application for free, or reach out to us today at 855-208-8813 for a free consultation.
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