The SBA has responded to these criticisms with efforts to improve access. Immediately after completing PPP Fast Lane, applicants will be matched with their SBA approved lender.ĭuring the first round of the PPP, minority-owned businesses were far more likely to wait to receive funds, and less likely to receive them at all. 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 includes multiple layers of fraud prevention and identity verification, which is essential to serving PPP loans at scale in accordance with government rules. PPP Fast Lane is a simple, web-based data collection process aiming to simplify the PPP process by removing friction that only applies to larger businesses.
Have a trusted advisor or banker who can help them understand the rules and apply.Womply data also shows that as businesses get smaller they are less likely to: These eligible borrowers, which include micro businesses, gig-workers, independent contractors, among others, are frequently found in low-and-middle income and minority communities, making program access all the more important.
PPP Fast Lane was built to service the under-served eligible businesses (and workers) that have so far had difficulty accessing the Paycheck Protection Program. Benworth joins Womply’s PPP Fast Lane program, which enables 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. REMOTE – Ma– Womply, the local commerce platform that provides apps, APIs, marketing, and financial tools to make local commerce happen, today announced an integrated partnership with Benworth Capital, a minority owned, and mission driven lender focusing on low-and-middle income minority borrowers.
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