Second Draw Questions
When will you deliver my Second Draw DocuSign?
When your First Draw loan has been dispersed, we will start the process for your Second Draw. You will receive an email from Womply that includes your Second Draw PPP application via DocuSign. Monitor your inbox and spam folder. You must review and sign this document to apply for a Second Draw through Fast Lane. After you sign, your lender will review your application information.
If your lender approves your application then your application will be held until SBA rules allow it to be submitted. This may occur up to 20 days after your First Draw loan was approved.
If you experience issues with your First Draw loan, including failed funding or another problem, then it’s possible this could delay your Second Draw application or cause it to be cancelled automatically. So make sure to sign your First Draw promissory Note (if you haven’t already) and ensure you have all your bank details uploaded to Fast Lane.
You cannot receive a Second Draw loan unless your First Draw loan is fully disbursed. To comply with this rule, we will ensure your Second Draw loan is not submitted to the SBA until their database reflects your First Draw loan in the correct status.
Changes to your loan
It’s possible that the value of your Second Draw loan might be different than your First Draw. The loan amount calculation is different for Second Draw loans. Other info on your Second Draw should be consistent with your First Draw application.
Additional information required
We may ask you to provide extra info to support your Second Draw application. To avoid issues, we recommend you upload bank statements from 2019 and 2020 and provide a copy of your valid, government issued photo ID (e.g. a drivers license or passport). If you haven’t already, we also recommend you upload your 2019 and 2020 Schedule C and F. You can do this by logging in and uploading your documents securely.
What do I do if my bank account has changed?
If your bank account has changed between your first and second draw loans, make sure you log in and update your information in the app.
Do I need to prove a 25% drop in revenue?
To apply for a Second Draw PPP loan you must certify that you or your business had at least a 25% decrease in gross receipts in 2020.
This calculation can be tricky so we recommend you read more. This percentage doesn’t impact your loan amount, but it does determine if you are eligible.