Frequently Asked Questions
about the Paycheck Protection Program (PPP)

If you have questions about a certain aspect of the Paycheck Protection Program, click on the relevant topic below.

SBA Approval – Funded

Updating bank (ACH) information or Reversed Funds

You can update your bank information directly from your application:

  1. Log in to your application.
  2. Select the application you want to update.
  3. Select Update Application.
  4. Select Update Bank Details. Make sure the bank is verified and is selected as the default bank for deposits.
  5. Provide as much info as possible about an additional checking account from a different bank. If possible, connect this account and provide a voided check, your ID, and a bank statement.

Before submitting the update, make sure that your bank account information includes:

  • Name: The name on your bank account must match the name on your PPP application. If your PPP application lists a DBA or tradename, that name must match the name on your bank account. If your applications lists only your first and last names, they must match the names on your bank account.
  • Address & Phone: The address and phone number on your bank account must match the values on your PPP application.
  • Tax ID: If you opened your bank account by using your business tax ID (EIN, or Social Security number if you have no EIN), it must match the values on your PPP application.

Here are some common reasons why your bank account validation might fail:

  • The bank account holder name doesn’t match the name on the application.
  • The business name has changed since you opened the account.
  • The bank account is a personal account rather than a business account.
  • The bank account belongs to someone else, such as a spouse or a friend.
  • The bank account is used for multiple businesses, and they don’t match the business name on the application.

I'd like to cancel in this stage

If your lender or the SBA has already received your application, you can’t cancel it. But you can decline to sign the agreements that we will send you. If you don’t sign these documents, your loan will never be funded.

My application is stuck in Lender Secondary Review

Your application was likely flagged by the SBA. An application can be flagged if:

  • You have a duplicate PPP loan, which would disqualify the application.
  • You or your business presented another disqualifying factor.

Cancelling your application and reapplying won’t correct this issue. If you apply with another lender, you will likely encounter the same problem with the SBA.

Womply and your lender can’t influence your application in being removed from the Lender Secondary Review state.

Who handles my loan forgiveness application?

We and our lenders aren’t currently processing loan-forgiveness applications.

When the PPP ends, we’ll provide details about the forgiveness application process. For now, our singular focus is helping people access the PPP.

Where can I get copies of my signed documents?

After you sign your DocuSign documents, you’ll receive a copy through the email address you provided in your application.

It's been a while, where is my money?

To understand how long it might take to receive your loan, it helps to know who’s involved in the process and what their roles are:

  1. Borrower: The person or business that applied for the PPP loan.
  2. Lender: The SBA-approved institution that receives applications, reviews them, submits them to the SBA, and provides funds to the borrower.
  3. SBA (Small Business Association): The US government agency that administers the PPP. The SBA reviews applications and approves or rejects them.

The most frequent reason for delay is an error made by the borrower. Here are some common problems that could delay your PPP loan:

  • Basic info problems: The application includes incorrect information, such as:
    • Incorrect or mismatched information, such as a business address on the application that doesn’t match the address on the uploaded documents.
    • Incorrect tax ID, such as a Social Security number or EIN.
  • Documents:
    • The uploaded documents are incorrect. Example: For self-employed or independent contractors, a Form 1099-MISC does not satisfy the requirement for an IRS Schedule C (Form 1040).
    • The documents are incomplete.
    • The digital scan of the documents is low quality. You must provide a high-quality digital scan of all documents. If the software can’t read the scans, your application will be rejected and possibly delayed.
  • Application: The borrower didn’t complete, review, and sign the application.

Although borrower errors are the most common reasons for delay, lender delays and SBA delays can sometimes occur.

Lender delays

Lender delays usually occur for the following reasons:

  • The application is complex. Complex applications take more time and require more scrutiny than simple ones.
  • The application includes errors or inconsistencies. Many lenders run their own analysis on applications before submitting them to the SBA for approval. At this stage, application errors can require clarification with the borrower. They also usually require the borrower to file a corrected application.
  • The SBA rejected the application with a hold code. The SBA has added new checks to minimize program fraud. These checks can cancel some applications. Other applications can be corrected, but this process requires extra effort by lenders

SBA delays

The SBA must approve every PPP loan. The volume of applications often results in SBA delays.

In 2020, the SBA was criticized for an unacceptable rate of PPP fraud. The changes they instituted in 2021 have increased the time required to process loans. As a result, even perfect applications often take a few days for SBA approval. Errors with the borrower’s application can increase delays significantly.

Summary

The time required to receive your funds depends on a variety of factors. We encourage patience, because delays at multiple levels can leave a borrower waiting without a clear sense of the reason for the delay. As long as you qualify and you avoid the common borrower errors, you should receive your funds as long as the program has funding.

How do I repay my PPP loan?

If you wish to repay your PPP loan, please contact your lender at the email addresses below.

Fountainhead: womplyquestions@fountainheadsbf.com
Harvest: pppcancellations@harvestcref.com
Benworth: PPPcustomercare@benworthcapital.com
DreamSpring: Login to your Client Portal using the Login link on DreamSpring.org or go directly to https://dock.dreamspring.org/customers/sign_in

(other lenders pending)

Couldn’t find an answer to your question?
Please refer to our main FAQ if you have additional questions.
Womply has helped over 250,000 small businesses, independent contractors, gig workers, sole proprietors, and self-employed individuals get PPP loans, and we’re dedicated to continuing to help people like you apply and get approved for PPP funds. If you think you may be eligible for either a first draw or second draw PPP loan:
Start your PPP application now!

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