If you applied for your PPP loan via Womply, you can check loan application status at https://www.womply.com/ppp-status/. If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.
Moreover, can you apply for PPP loan twice?
A second PPP loan is only available to businesses that were in operation before February 15, 2020. They must have used up their initial PPP loan and have incurred a 25% or more reduction in revenue in 2020. … If the businesses recorded $15,000 or less in Q2 sales in 2020, they are eligible to apply for a second PPP loan.
Subsequently, how long does it take for the second PPP loan to be approved?
How long does it take for my PPP second draw loan to be funded? Once your second draw PPP loan is approved by the SBA, by law your lender has 10 calendar days to ensure that the funds are released to your account. This is the same time period as for first-draw PPP loans.
How long does SBA approval take?
PPP Money – Nearly All Gone: Only $8 billion remains available. Source: CBS News, April 6, 2021.
Initial guidance from the SBA stated that lenders had to disburse funds for PPP loans within 10 days of a borrower receiving a PLP number from the SBA. … Going forward, if funds cannot be disbursed due to a delay from the borrower (like missing paperwork), the lender has a total of 20 calendar days to disburse funds.
Why Was My PPP Loan Denied? Your PPP loan may have been denied because you failed to pass the SBA’s eligibility requirements. There’s also a chance that you made an error on your application, such as putting a zero in the wrong place or mistyping your Employer Identification Number.
A delay in PPP loan processing and approval can be traced back to strong demand and the struggle for banks and third-party processors to keep up.
If you or your business received an initial PPP loan, you may qualify for a second round of funding, provided you meet the following requirements: Have no more than 300 employees. Have used or will use the full amount of your first PPP loan.