Our latest venture with Womply will put these microbusinesses in the fast lane for PPP loan approvals and funding.” “There are up to 41 million non-employer businesses that could qualify for PPP, but the traditional lending community has largely neglected these enterprises.
“Fountainhead’s mission is to support small businesses and as we continue to fund PPP loans, we look for ways to effectively streamline the process and improve our technology in order to get borrowers the money they need as quickly as possible,” said Chris Hurn, CEO of Fountainhead. Immediately after completing PPP Fast Lane, applicants will be matched with their SBA approved lender. PPP Fast Lane includes multiple layers of fraud prevention and identity verification, which is essential to serving PPP loans at scale in accordance with government rules.Borrowers don’t need a registered business entity, business license, official place of business, business bank account, accountant, lawyer, or business banker to apply for PPP. PPP Fast Lane is a simple, web-based data collection process that takes about five minutes. Today’s announcement comes at an opportune time, as yesterday the White House announced impending updates to the Paycheck Protection Program focused on improving access for self-employed persons and businesses with fewer than 20 employees.
These under-served businesses are frequently found in low-and-middle income communities, which makes program access all the more important. Have a trusted advisor or banker who can help them understand the rules and applyĬongress expressly sought to prioritize these small businesses with the most recent PPP re-appropriations and funding set-asides. Womply data also shows that as businesses get smaller they are less likely to: By removing friction that only applies to larger businesses we hope to make PPP less confusing and help hundreds of thousands of businesses.” “PPP Fast Lane is focused only on the smallest businesses that haven’t received government stimulus from PPP or EIDL loans. “Most of these micro businesses have not received benefits from the PPP so far,” said Womply founder and CEO, Toby Scammell. 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
Up to 41.1 million independent workers or non-employer businesses could qualify for PPPĩ6% of these businesses did not get PPP in 2020 In 2021, Womply analyzed published data from the SBA and MBO Partners and identified major gaps between the number of eligible businesses (and workers) and those who had received loans under the program: The program played a critical role in stabilizing these small businesses and protecting jobs for hundreds of thousands of workers during the darkest days of the COVID-19 pandemic. In 2020, Womply helped more than 100,000 businesses access the Paycheck Protection Program through its network of SBA-approved lenders.
PPP Fast Lane will enable the smallest businesses to access vital Paycheck Protection Program (PPP) funding with as little friction as possible, while helping borrowers remain compliant and minimizing program fraud. SAN FRANCISCO-( BUSINESS WIRE)-Womply, the local commerce platform that provides apps, APIs, marketing, and financial tools to make local commerce happen, today announced the launch of PPP Fast Lane and its integrated partnership with Fountainhead, a nationwide nonbank lender for small-to-midsized businesses.
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