This may happen if your bank told us they won’t allow your account to receive this PPP loan or if your lender’s attempted ACH payment was rejected. Your application can have this status if your funding instructions aren’t complete OR if your lender attempted to pay you via ACH and had a problem. You should check that your Funding Instructions are complete and that you have a verified bank account selected for your application. Funding Problem: There is a problem funding your loan.Issues with your bank info will delay funding. To avoid delays, check your application Status Detail to ensure your bank info is complete. In most cases this funding happens within 2-3 business days after you sign your promissory note. Lenders have up to 20 days after the date on which a PPP loan is approved by the SBA to fund your loan. If the bank information you provided is valid then you will receive your loan via ACH transfer. Lender Funding: This application is in the process of being funded by your lender.( What to do if you have not received your DocuSign documents ). You must review and sign your promissory note to move this application forward. Check your email Inbox and Spam folder for an email from DocuSign.
Borrower Action Required – Sign Promissory Note: This application has been approved by the SBA and the promissory note requires your signature.SBA Approved – Lender Processing Prom Note: This application has been approved by the SBA and the lender is preparing the promissory note to be sent to the borrower via DocuSign.We cannot provide a time line of how long this step will take.
The SBA will either approve or decline this application. SBA Processing: This application has been submitted to the SBA for review.Lender Submitting: This application has been signed by the borrower and is being submitted to the SBA for approval.You should not apply elsewhere during this time and no further action is required from you. Once you have signed you Second Draw application your application will automatically be moved forward ASAP. This often takes up to 7 days after your First Draw loan arrives in your bank account and depends on a variety of factors that neither Womply nor you can control. This holding period is required to adhere to SBA rules, which require that your First Draw loan must have been received in your bank account, spent on qualified expenses (including a payments to yourself), and marked as Fully Disbursed in the SBA’s systems. Once signed, your lender will hold your Second Draw application until the SBA is ready to accept it. Please monitor your email inbox and spam folder for this document, which will take a few days to arrive. Sign & Hold: You must sign your Second Draw application via DocuSign.You must act on your application to move it forward. Check your email Inbox and Spam folder for an email from DocuSign that contains a link to your application.
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