As you may know, the government is offering forgivable loans of up to $10m per business entity under the Paycheck Protection Program (PPP).
But did you know that you need a private lender to access these loans and that they will be processed on a first come, first serve basis? Every Small Business Administration (SBA) lender has to give you the same terms, and most banks will start lending in the coming days.
To make this process as easy as possible, we’ve teamed up with our friends at Womply, an agent of federally approved SBA lenders. They can help you start your application right now and fast track your Paycheck Protection Loan.
Analysts expect demand for these loans to be over one trillion dollars, but with only $350 billion currently allocated for this program, time is of the essence and if you are eligible you should apply immediately.
More information below:
Who is Womply?
Womply is a SaaS company that serves over 450 thousand small businesses. They’re now working hard to connect businesses to SBA-approved lenders amid COVID-19, and have allocated over a hundred agents ready to help you navigate this process.
Is there a cost to apply for these loans through Womply?
It’s completely free to apply. Their aim is simply to help you find a lender faster.
What is the Paycheck Protection Program?
This program falls under the CARES Act recently passed by the Senate, providing forgivable emergency loans to small businesses. The program is designed for “Paycheck Protection” so that businesses can keep and/or rehire employees (if you’ve already reduced staff or wages, you’ll have until June 30 to reverse those changes to be eligible for loan forgiveness). If you spend your loan on payroll, rent, mortgage interest, or utilities during the first 8 weeks, the government will forgive your loan so you don’t have to pay it back. More info here.
Why is applying through Womply beneficial for me?
Most banks will start lending in the coming days, and demand is likely to be extremely high. Approval could take weeks, even after finding an approved lender to assist you. Womply’s dedicated agents can help connect you with a lender as quickly as possible and thus fast track your application.
Do I need to be a Peek partner to benefit from this partnership?
No! Our aim is to help all operators access a PPP loan faster so they can get the help they need. We’re all in this together.
How do I apply?
Other useful links:
If you need assistance, feel free to reach out to the Peek team at 855-733-5776 – we will be happy to assist you. You can also reach out to the Womply team to check on the status of your application by reaching out to [email protected] or calling 855-929-9111.