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 Womply PPP loan status – Loan Statuses

 Womply PPP loan status – Loan Statuses | PPP loan application

 

Womply is not a PPP lender and does not offer legal or tax advice. They are a technological firm that provides a web platform to help businesses gain access to the PPP. Nothing on their website should be taken to imply that Womply can or will do anything.

 

How to get started with Womply PPP

  1. Determine your eligibility for PPP
  2.  Apply for a PPP loan on your behalf
  3. Check the accuracy, completeness, or lawfulness of your PPP loan application
  4.  Assist you in skipping legally required steps, (v) speed up your SBA application
  5.  Increase your chances of receiving funding Womply is paid by lenders, including for assisting you with your application.

There are approximately 5,000 PPP lenders with whom you can submit a free application. Please visit sba.gov/ppp for more information on various PPP choices and program details.

How long does the Womply loan take to be approved?

  • Womply lenders typically release loans within 5 days of SBA clearance. From the time the borrower signs their promissory note, the lender average across tens of thousands of loans is currently 4.1 calendar days.
  • Lenders have up to 23 days to disburse their PPP loan after it has been approved by the SBA.
  • All lenders have a strong incentive to fund your loan (if they don’t, the government won’t pay them a fee).
  • Borrower issues, such as not signing the promissory note from the lender in a timely manner or problems with the borrower’s bank account, are the most prevalent causes of financing delays.
  •  Borrowers can ensure prompt funding by following instructions regarding their bank accounts. Bank accounts must be open and must be able to accept ACH payments
  • Issues involving suspected fraud may also cause delays in funding; if not resolved, payments will be further delayed (regardless of other rules regarding the timing of disbursements)

How to cancel Womply loan application

You may still be able to cancel your application by logging onto https://pppfastlane.womply.com/sign-in/ and selecting the option to cancel, depending on the state of your application. You can refuse to sign the agreements that we will offer you if your lender or the SBA has already accepted your application. Your loan will not be funded unless these documents are signed.

How to check Womply PPP loan status

Check the status of your loan by logging in. A list of possible loan status definitions can be found below: (To see if your PPP Non-Fast Lane application is still active, click here.)

  • This application has been started, but it is unfinished. It hasn’t been submitted for review on Womply yet. Complete and submit the application to advance the process. Select it to restart the application from your current place in order to finish it.

 

  • Processing Womply: This application has been sent to Womply for consideration. The information you provided is being processed. Examine your Status Detail to see each component of your application and detect any issues that need to be addressed. If you need to update any information on your application at this stage in the process, you must cancel and then reapply. To cancel, simply log in and then select the cancel option. Please give yourself 48 hours to complete the cancellation process. Cancellations are irreversible and cannot be undone.

 

  • Lender Processing: Womply has validated this application. It was presented to a PPP lender that was approved by the SBA. The lender is analyzing your information and will decide whether or not to proceed with your application. If you need to update any information on your application at this stage in the process, you must cancel and then reapply. To cancel, simply log in and then select the cancel option. Please give yourself 48 hours to complete the cancellation process. Cancellations are irreversible and cannot be undone.

 

  • Lender Processing – Keep an eye on your inbox: The lender is working on your application and is getting ready to send you DocuSign papers through email. Keep a close eye on your email inbox and spam folder. Please make sure you download a copy of the documents once you sign them. We are unable to deliver this information to you again.

 

  • The borrower must take action – sign the application: Your SBA-approved PPP lender has evaluated this application. It is necessary for you to examine and sign this document. Look for an email from DocuSign with a link to your application in your inbox and spam folder. To move your application forward, you must take action.

 

 

  • Sign & Hold: You must use DocuSign to sign your Second Draw application. Please keep an eye out for this document in your inbox and spam folder. It will be delivered in a few days. Your lender will keep your Second Draw application until the SBA is ready to accept it after you sign the form.

This holding time is required by the SBA to guarantee that your First Draw loan was received in your bank account, spent on qualified expenses (including payments to yourself), and reported as Fully Disbursed in SBA systems. After your First Draw loan appears in your bank account, this holding period can last up to 7 days. The length of time is determined by circumstances that neither Womply nor you can influence.

Your application for the Second Draw will be sent to you after you sign it. The length of time is determined by circumstances that neither Womply nor you can influence. Your application will move forward soon when you sign your Second Draw application. During this time, you should not apply for another PPP loan. You are not needed to take any further action.

 

  • Lender Approval: Your signed application has been submitted to the Small Business Administration for approval.

 

  • Processing by the Small Business Administration (SBA): This application has been submitted to the SBA for evaluation. This application will be approved or denied by the SBA. Womply is unable to provide an estimate of how long this process will take.

 

  • Secondary Evaluation of the Application: This application is currently receiving a secondary review. This could suggest that SBA has reported a problem.

 

  • SBA Approved – Lender Processing Promissory Note: The SBA has approved this application. The promissory note is being prepared by the lender. DocuSign will send you the message via email so that you can sign it.

 

  • Borrower Action Required – Sign Promissory Note: This application has been approved by the SBA. Your signature is required on the promissory note. Look through your inbox and spam drawers for a DocuSign email. To move this application forward, you must examine and sign your promissory note. For your records, download a copy of the DocuSign document. Womply are unable to transmit this information again. Check your application Status Detail to make sure your bank information is correct to avoid delays. Funding will be delayed if there are issues with your bank information.

 

  • Lender Funding: Your lender is in the process of funding this application. You will get your loan by ACH transfer if the bank information you supplied is correct. Lenders have up to 20 days to fund your PPP loan once the SBA approves your application. After you sign your promissory note, you should get funding within 2 to 3 business days. Check your application Status Detail to make sure your bank information is correct to avoid delays. Funding will be delayed if there are issues with your bank information.

 

  • Up-to-date bank information is required: There is an issue with your loan being funded. Check that your Funding Instructions are correct and that you have picked a valid bank account for your application. If your financing instructions aren’t complete, or if your lender attempted to pay you via ACH and encountered a difficulty, your application may be in this status.

 

This could happen if your bank has advised us that they will not allow this PPP loan to be deposited into your account, or if your lender’s attempted ACH payment has been refused. On the Confirm Funding screen, double-check that your bank details are valid and that you’ve picked a verified bank account.

If you suspect payment was attempted but returned, you should offer a different bank account, as once your bank rejects a payment, you will not be able to accept another payment to that account. Depending on how quickly you deliver the relevant information, this status can take 1-2 weeks to fix.

 

 

  • Borrower Action Is Required – Correct Errors: There are errors in this application. The information you entered into the web form and the information you uploaded are not the same. This usually means your loan request is for a larger amount than we can justify with the documentation you provided.

If you feel you may have neglected to upload documents, you can still do so. Please utilize the Add Documents option on your status page to upload new documents. Womply will automatically reduce your loan request to the amount supported by your documentation if you do nothing.

Womply will take your application ahead if this change results in a loan amount they can service. Your application will be canceled if the change results in a loan that they are unable to service.

 

  • Womply Cancelled: Womply has canceled this application. This usually signifies you didn’t supply enough information. Alternatively, it could imply that their lenders are unable to assist you. You can start a new application if you want to try again.

 

  • Request for Cancellation: You have asked your lender to cancel your application. Lenders will look into it and try to cancel the loan with the SBA. This could take a few days to complete. It’s conceivable that you won’t be able to cancel your application in some instances.

 

  • Borrower Cancelled: This application was canceled as a result of your request. This action is irreversible. You can start a new application if you want to try again.

 

  • This application has an error that you must repair before it can be financed. Borrower Action Required – Verify Bank Details: This application has an error that you must fix before it can be funded. Your bank account or identity must be verified. Your application may be withdrawn if you do not supply this information. Please follow the steps in the email you got to verify your bank account.

 

  • SBA Denial – Repairable: This application was denied by the Small Business Administration. It appears that the issue can be resolved. We’ll get in touch with you for more information.

 

  • SBA Denial – Cancellation of Application: This application was denied by the SBA for a reason that cannot be resolved through PPP Fast Lane. You might still be able to get a PPP loan from a different lender.

 

  • SBA Resubmission: Your previously authorized loan is being withdrawn and resubmitted to the SBA for review. The following are some of the most common causes:
    1. Because of SBA time regulations, a funding error could not be corrected.
    2. Your application was missing some information.
    3. It was necessary to make a change to your loan.

If you get authorized again, you’ll have to sign a new promissory note and double-check your financial information. You don’t have to do anything else until a new promissory note arrives.

  • The application turned down: This application was turned down. You may reapply using PPP Fast Lane if you believe this was an error.

 

  • Borrower Withdrawn: The SBA accepted this application, but you elected to withdraw it before receiving your funds. The SBA will be notified by your lender that you have withdrawn your application. We don’t recommend that you use the PPP Fast Lane application process again.

 

  • The Paycheck Protection Program (PPP) has come to an end. The SBA did not approve this application. Unfortunately, there is nothing else that can be done.

 

  • The Paycheck Protection Program (PPP) came to an end on May 28th, 2021, when the SBA stopped accepting PPP applications due to a lack of money. Unless Congress approves more financing for the PPP program, your application will be unable to continue further. Please visit fairppp.com to express your desire for and need for greater PPP financing to President Biden and your elected officials.

 

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Vincent
Vincent
Techboardz is an entrepreneur and has a passion for article writing, he is an article writer and editor, he has full zeal to write
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