URGENT: the PPP is being re-funded (check back for updates)
April 21, 2020
UPDATE (as of Friday, April 24):
The House passed additional PPP and EIDL appropriations on Thursday, April 23, 2020, and President Trump signed the bill renewing funding for these SBA emergency loans and grants on Friday, April 24. The SBA will soon open up its systems to accept new applications.
There will be overwhelming demand (as in the first round) and the ~$250 billion main pot of funding will likely be spoken for within 24 hours. Due to the stipulations of the second round of funding, an additional $60 billion in funds that can only be distributed via a specific subset of lenders (intended to reach a wider variety of businesses) will likely last a bit longer.
We will keep this article updated with additional information as the situation develops.
Put simply: the PPP has been replenished, and we predict there will be at least one more round of funding since the second round will likely run out within days. So if you’re one of the millions businesses who were unable to get a PPP loan previously, it’s not too late for you to apply. Keep reading for more information.
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.
If the PPP runs out of money, will I still get my loan funding?
If your PPP loan has already been approved, you will get your funding. When your loan is approved by a verified SBA 7(a) lender, you are assigned what’s called an E-Tran number. This effectively marks your funds as “spent” under the PPP program and prevents the SBA from approving loans for funding it doesn’t have allocated for use.
Want to know how much you may qualify for? Check out our PPP calculator
We estimate that only a very small percentage (less than 10%) of approved loans have been funded thus far. Once PPP loans are approved, it typically takes at least 10+ days for many banks to start delivering approved funds to businesses.
Is it too late to apply for a PPP loan?
We expect that congress will approve at least another $250 billion within a week and possibly more money after that, as demand by America’s struggling small businesses is so acute.
So, if you haven’t applied yet, we suggest you do so immediately. Click here to start your free application.
IMPORTANT: DON’T WAIT TO APPLY! 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 get your application completed and submitted to save your place in line.
If I already applied for a PPP loan before initial funding ran out, do I need to reapply?
At this point you do not need to resubmit your PPP application if it was submitted through an approved SBA 7(a) lender prior to the initial funding running out.
However, if the situation changes, we’ll update this post with the latest information.
Again, if you have not yet applied we recommend you start your free PPP 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 and can help walk you through the process.
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