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.( What to do if you have not received your DocuSign documents ). 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.
Borrower Action Required – Sign Application: This application has been reviewed by your SBA-approved PPP lender and requires your review and signature.
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