A lot of people went on social media to share their excitement after their PPP application on Womply showed borrower funded.
“Just went into borrower funded Wells Fargo” One said.
Another wrote: “I had to log out and log back in to make sure it was Real after seeing BORROWER FUNDED!!”
A man said: “Just updated from lender funding to borrower funded cap plus‼️”.
What is Borrower Funded on Womply?
This means the PPP Loan application has been funded.
The money has been sent into your bank account by the lender. It might take a day or two for the money to arrive in your bank account, depending on your bank.
Womply is a licensed loan agency that assists small companies with streamlining the application process and connecting with SBA PPP lenders that are vetted. They are not a lender, but their platform is utilized by a number of lenders that want to make the loan process go more smoothly.
On May 28, 2021, The SBA informed lenders that no future PPP applications would be approved because all PPP funds had been used up.
Borrowers who applied for and got a PPP loan have 10 months to request loan forgiveness after the end of their covered loan period. Borrowers must begin making payments to their PPP lender when that period has passed.