Fast Lane Updates
What’s happening, why have there been delays?
All year, Womply has been pushing for new rules to help more businesses get PPP. Once we learned what the rules were going to be, we updated PPP Fast Lane to apply them. This update launched on Sunday, February 28th at 5p Pacific.
However, the SBA didn’t make these rules official until Friday, March 5th. So for 6 days businesses were providing info into PPP Fast Lane, but our lenders were unable to submit Fast Lane applications to the SBA. Since Friday, March 5th, we have been working to ensure the rules are applied correctly so that applications sent to the SBA by Fast Lane lenders can be processed without rules related issues.
Now that the new rules have been applied, we are working through all applications in the order they were received (first ones first).
What is Womply's Role?
Womply is not a lender. We’re a technology company that–under normal circumstances–serves small businesses with marketing, CRM, and business analytics tools. We launched Fast Lane because we believe every small business deserves a chance to apply for PPP and because we couldn’t convince lenders to serve this market alone.
Womply is partnered with SBA-approved PPP lenders on two totally separate programs: Our regular PPP program matches businesses with employees to PPP lenders. Whereas with PPP Fast Lane we help sole props, 1099s, and other businesses without employees access the PPP.
For Fast Lane, Womply builds and runs the web interfaces you use and collects/validates/organizes your data. Lenders make decisions on each application, submit them to SBA for approval, and fund loans once they’re approved. Womply doesn’t underwrite your loan or move money as part of the PPP program. And it’s up to lenders to decide whether your application meets their standards. Only the SBA can fully approve a PPP application.
New Fast Lane features
Real time tax doc validation
We instantly classify your tax documents to ensure you uploaded the correct form. After your application is submitted in Fast Lane we review all numbers to confirm they’re correct and associated with your SSN.
Manual bank verification
We still recommend connecting instantly, but we are now processing manual bank documents within 24hrs. Be sure to upload all of the requested documents.
New application statuses
Login to view your application status. More error related status codes coming.
Resend Application and Promissory Notes
Our support team can’t accept these requests. But if your application is in a status requiring your signature, you may login to request that we resend your document via DocuSign. This takes 24hrs and can only be done once per day. Be sure to follow our instructions regarding DocuSign.
Cancel your application
Our support team can’t accept these requests. But now you can cancel an application yourself by first logging in. We process these requests daily and they are subject to other rules.
Edit your basic info
Now you can login to edit your basic info prior to submission to a lender. You can do this if you entered the wrong name, SSN, or had another issue. Your application info will require another review after you edit it. Do not edit unless asked or you know you made a mistake, otherwise your application will be delayed.
What other changes are in effect?
Fast Lane can now serve 100% of non-employer businesses that want to access PPP.
If you need to fix something in your application (20% of applicants) then you will notice there are more options available now to do so. For example, you can use 2019 or 2020 tax filings.
You can even use 2020 draft tax filings. And we’ve added support for edge cases including businesses that previously received an EIDL Loan (different from an EIDL Advance, which is a grant).
If I change my application now, what will happen?
Each new application or application resubmission goes to the back of the line for processing. But within a couple of days every new Fast Lane submission will be processed within 24 hours. The result of this processing is either a Docusign email or a request for corrected information. (We just need to catch up on the backlog due to the rules changes).