It’s Even Challenging for Large Firms to Get PPP Loans. The SBA website is a good resource, and we’ve optimized our system to help access both loans. In fact, due to the combination of SBA draws available for both a first draw and a second draw PPP loan, it’s a chance to gain up to $42,000 in loans. That’s why we focused our efforts on sole proprietor firms and helping them try to access, with an approved lender partner network, up to $20,000 in PPP loans. Only 5% of PPP dollars have gone to loans under $20,833.Only 3% of PPP dollars have gone to businesses with 0 or 1 employees.96% of these businesses did not get PPP in 2020.Up to 41.1 million independent workers or non-employer businesses could qualify for PPP.“Due to the combination of SBA draws available for both a first draw and a second draw PPP loan, it’s a chance to gain up to $42,000 in PPP loans for qualified sole proprietors who are well prepared with submission requirements”Ī few data points drove us to launch Fast Lane – some of which actually came from MBO’s own State of Independence report, which is really impressive. While we’re not a lender ourselves, we can help prepare a customer for more easily submitting the right information to be considered quickly for loans.
WOMPLY PPP FAST LANE SIGN IN FREE
It’s a free tool and integrates into our platform. PPP Fast Lane is a new 2021 offering we created and announced just this week to make it easier for sole proprietors and very small firms to apply for PPP loans and immediately access a network of lenders. We’ve been on this small business support journey since the CARES act was announced in 2020. Our data showed this to us clearly and we wanted to both advocate and also to practically offer solutions to help. We felt the process for them to get PPP support was broken. Our concern was that very small businesses, under 20 employees and all the way to solopreneurs, were suffering in the pandemic, and needed the help of the administration. Trying to do something about this became a huge effort for us – taking us all the way to Capitol Hill, the SBA – and really to anyone who would listen to the alarm bell we were sounding. Last year, right around this time of year, we noticed that something very worrying was happening with small firms – and more especially very small firms – and we started to get concerned. Our firm generates a massive amount of data on small business, something we hadn’t surfaced. Our focus has always been small business, but we had historically focused on employer-based firms. How did Womply Get into the Paycheck Protection Program (PPP) Space with a product to serve the solo self employed?
Over the past ten years, we’ve served more than 500,000 customers.
WOMPLY PPP FAST LANE SIGN IN SERIES
Womply is a small business focused technology platform providing a series of marketing and financial solutions to support small business owners.
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