Payment Protection Program (PPP) Loans have helped businesses across the country keep their doors open and their employees on board during the COVID-19 pandemic. PaymentClub is proud to introduce a partnership Womply to facilitate and expedite PPP loan applications. Read on to learn more about how the program works, and how you can apply today.
It’s no secret that 2020 was a grueling year for businesses everywhere. While 2021 promises to offer us a light at the end of the tunnel, most small businesses continue to experience financial hardship due to the COVID-19 pandemic.
PaymentClub.com is proud to partner with Womply, a leading local commerce platform, to help you fast-track your Paycheck Protection Program (PPP) loan application. Through this partnership, we’re helping you get the help you and your employees need to weather the storm in as little time as possible.
Today we’re covering a few basics of the PPP process, including:
1. What is the PPP?
2. How can PPP funds be used?
3. What is the fastest way to apply for a PPP loan?
4. Begin your PPP application now
What is the Payment Protection Program?
The Payment Protection Program (PPP) is a loan program facilitated by the Small Business Association (SBA) that is designed to help businesses keep their employees employed during the pandemic.
It is comprised of three key components:
1. First Draw Loans – If it’s your first time applying for a PPP loan, you are applying for what is known as a First Draw Loan.
2. Second Draw Loans – For businesses that received funds previously but wish to request additional funding, second draw loans began on January 13, 2021.
3. PPP Loan Forgiveness – Borrowers are entitled to loan forgiveness provided they meet certain criteria for how and when the funds are used.
How can PPP funds be used?
Funds received as part of a PPP loan are designed to be used mainly for payroll expenses. Expenses like salary and wages, tips, commissions, employee benefits costs, dismissal or separation costs, paid leave, bonuses, and hazard pay, among others, are included in this category.
PPP funds can also be used to cover back pay as long as it falls within a 24-week forgiveness period. Both new and existing employees are eligible recipients of PPP loan funds. Contractors, subcontractors, or 1099 contractors are not eligible, however.
What is the quickest way to apply for the Payment Protection Program (PPP)?
The PPP forgivable loan application process opened beginning January 15, 2021, but it’s not too late to apply.
The usual process involves:
● Locating and vetting an SBA-approved lender.
● Navigating the paperwork.
● Submitting your application.
● Waiting for a response.
It can be time-consuming and tedious. That’s why we’re so pleased to be partnering with Womply to help you fast-track access to the PPP funds you need.
By applying through Womply, your PPP loan will be compiled and processed with as much help as Womply can provide.
In addition, Womply is generously providing a free, six-month Womply Pro subscription worth over $700 designed to help you set your local business up for success in 2021 so you can not only survive but thrive in these challenging times.
When you apply for your PPP loan through our partnership with Womply, your application will be fast-tracked to a number of SBA-certified lenders, giving you the highest probability of getting approved.
“It was really easy to navigate the process” says Cindi R. of New Orleans, Louisiana. “I actually got the money deposited into my account this morning. What a blessing.”
Getting started is easy. Simply click here to start your application and get your questions answered.
PaymentClub.com Helps Move Your Business Forward
We know this has been a challenging time for many of our clients. True to our goal of focusing on providing exceptional service, our partnership with Womply is just one more way
PaymentClub.com is helping bring industry-leading solutions to your business.