Womply PPP
icon August 06, 2021
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Womply PPP Forgiveness Via NEW SBA PPP Loan Direct Forgiveness Portal

 

If you got your PPP 1 or PPP 2 Loan via Womply, you may have to apply for your Womply PPP Loan Forgiveness via the NEW SBA PPP Direct Forgiveness Portal. In this video, you will find out if you can apply for your Womply PPP loan forgiveness via the new SBA PPP Forgiveness Portal or if you have to apply for your PPP loan forgiveness via the bank or lender that gave you the PPP loan funds.

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DISCLAIMER

This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. are providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.

Transcript

If you received PPP1 or PPP2 via Womply you may have to apply for your PPP loan forgiveness via the new SBA direct forgiveness portal, that’s what we’re going to talk about in this video. Hello from Freedom Tax Accounting, we’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years. If you are new to this channel, we provide strategies for small business owners so they can achieve their financial goals. Although for the last couple of months we have been concentrating in providing information about the PPP and the EIDL loan programs. Now this video is being recorded on August 5th 2021. We always emphasize the date on the recording on any video relating to the PPP because this program is constantly changing okay.

Now if you have been following our channel, you know that this week the SBA launched their new SBA PPP direct forgiveness portal. This is the portal where you can apply for your PPP loan forgiveness if your PPP loan meets two requirements. The first requirement is that your PPP loan must be a hundred and fifty thousand dollars or less and that the bank that gave you the funds is participating in the new SBA PPP forgiveness portal.

Now if we go to the Womply website okay this is the list of the banks that Womply used to give you the PPP loan because remember Womply is not a bank nor a lender Womply was a platform that found you a bank and lender to give you the PPP loan okay. So, this is the list of all the banks and lenders that Womply used to give you your PPP loan. So, one of these banks or lender gave you your PPP loan and I’m going to show you how to find out which one of these gave you the PPP loan.

So, basically how do we find out if these banks are participating in the new SBA portal and if if you apply for the PPP through Womply if you have to apply for forgiveness via the SBA portal you basically need to download the list of the banks that are participating on the SBA portal okay. Basically, you go to the SBA home page, you go to PPP, then you go here to PPP loan forgiveness, you scroll down okay where it says how and when to apply for forgiveness, if you read this section here, here is where you download the list of the lenders and here you can also access the portal page. But if you click here the list of the lenders it will take you to this page where when you click this red button you download this excel sheet. This is a list of almost 900 banks that are participating in the PPP forgiveness portal. I recommend that you check this list periodically to see if you don’t see your bank here yet maybe a couple of days you will find because the SBA is updating this list may be as soon as the banks opt in to the program okay now so how do you find out which one of these banks gave you the PPP loan that you applied through wampley you basically have to look for the SBA note if you applied for the PPP PPP1 or at some point during the process you received a DocuSign document where you signed this SBA note okay. So. look for the SBA note that you signed during the Womply PPP application process and at the top here where it says lender this is the name of the bank that gave you the funds okay.

So, this is how you find out what bank or lender gave you the PPP funds if you applied through Womply now what we did is that we took this list that Womply provides on their website, and we cross-checked with the list that the SBA is providing and he here are the results okay. Here are the names of the banks that are working with Womply that are participating in the SBA direct PPP forgiveness portal. So, if you applied for your PPP of Womply and you find your SBA note and here you find out the name of your lender see right here lender this is the name of the lender if that lender is one of these then you can apply for your PPP forgiveness via the SBA portal.

Now these are the names of the banks that are not participating in the direct PPP forgiveness portal with the SBA okay so once again check your SBA note that you got from Womply see the SBA note check here where it says lender find out what’s the name of your lender if it’s one of these Bentworth, Capital Plus Financial, Celtic bank, Fountainhead, Harvest Small Business Finance, and sunshine state economic development corporation then you can apply for your PPP forgiveness via the SBA portal which is this one, okay but if you check the name of your lender and it’s one of these cross river bank Dream Spring, Fun Box, Funding Circle, Cabbage, Landio on Deck, Smart Biz and TMC financing then you have to apply for PPP forgiveness directly with the lender or bank or you will have to wait to see if Womply sends you some kind of email directing you to apply for forgiveness via directly with the lender okay.

Now there’s this rumor going around that Womply will automatically apply for forgiveness for you and that is false okay you do have to do your PPP forgiveness either through the SBA portal or directly with your lender okay.

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