Can I get a second PPP loan? 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.
How can I get an update on my PPP loan?
If you applied for your PPP loan via Womply, you can check loan application status at If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.
How long does PPP take to process?
Once your loan is approved, estimates are that it should take approximately 5-7 business days for your funds to become available. By law the your lender has up to 10 calendar days to fund your account once it receives notification of your loan approval from the SBA.
Are there any questions about the PPP loan forgiveness application?
As GrowthLab dives into everything PPP, we have fielded many questions during our weekly GrowthLab Jump sessions, office hours, and in customer meetings. Here are the top 15 questions about the PPP Loan forgiveness application process that we encountered during our live GrowthLab Jump session on Monday, June 29th.
Can you pay back a PPP loan at any time?
You can pay back any excess amount you received at any time. Remember, PPP is actually considered a loan first, despite all of the emphasis being on the forgiveness aspect of it. That being said, they are still figuring out all of the forgiveness rules.
Are there any questions about the PPP for small businesses?
As such, many small businesses struggle to navigate some aspects of the PPP, such as eligibility and forgiveness. In order to bring more clarity, we’ve compiled some of the most popular questions that have been asked and answered during our Small Business Update series and National Small Business Town Halls from the U.S. Chamber of Commerce.
Where can I get a PPP loan for my business?
Businesses can submit applications for PPP loans to SBA-approved private lenders, credit unions, and fintech companies. Businesses should start the process by talking to any lender they currently work with first to see if they are taking part in the PPP program.