Positive Reviews & Testimonials
Most customers like: Easy Application Process: A majority of SmartBiz reviews say the application process is fast, easy, and streamlined. In particular, many SmartBiz PPP customers have positive things to say about applying for and receiving a PPP loan through SmartBiz.
Likewise, people ask, how long does it take SmartBiz to approve PPP?
3 to 7 days
Accordingly, is SmartBiz a PPP lender?
These PPP loans are forgivable for eligible borrowers. … SmartBiz specializes in SBA loans with our network banks funding nearly $4 billion in SBA, PPP, and bank term loans.
Are PPP loans forgivable?
Borrowers will have their loans forgiven if they use the money for designated expenses. … Mortgage interest, rent and utilities are also forgivable, up to 40% of the PPP loan. (Note that if your loan is forgiven, theses expenses covered by the loan are not tax-deductible, the IRS recently stated in Notice 2020-32.)
Is Womply PPP legitimate?
Womply Offers Streamlined PPP Loan Processing For Small Businesses. … They are not a lender, but their platform is used by a variety of lenders looking to streamline the loan process. They claim to have helped over 250,000 small businesses secure PPP loans with their fast and speedy loan process.
How long does PPP approval take?
around two weeks
How can I get my PPP loan forgiven?
To apply for PPP loan forgiveness, use the SBA’s Loan Forgiveness Application form, Form 3508, or your lender’s equivalent form. You might be able to use Form 3508EZ or Form 3508S if you meet the eligibility guidelines. After completing the form and attaching any necessary documents, submit it to your lender.
How do I know if my PPP loan is approved?
If you applied for your PPP loan via Womply, you can check loan application status at https://www.womply.com/ppp-status/. If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.
How long does it take to sign closing documents SBA?
Its goal is to reach a decision within two to three weeks, though the current volume of applications may impact that. Once you’ve been approved for the loan and have signed the closing documents, your loan funds will be disbursed within five days.
What are the SBA 7a loan fees?
As of 2017, the SBA collects guaranty fees on loans of over $150,000:
- For loans between $150,000 and $700,000, the guaranty fee is 3%.
- Loans from $700,000 to $1 million are charged a 3.5% guaranty fee.
How long does it take SmartBiz to deposit funds?
7 days
How many PPP loans can I apply for?
There is a limit of one PPP loan per tax ID. If your second business has a separate unique EIN, it’s eligible to apply for the PPP as well.
What documents are needed for the PPP?
If your business is any of the following:
| If you have employees | |
|---|---|
| All businesses of this type should provide the following | Color copy of government issued ID (front and back) 2019 1040 Schedule C** 2019 IRS Form W-3 2019 IRS Form 940 W2s for any employees earning more than $100,000 Payroll statement covering 2/15/2020 |
Can you apply for PPP twice?
You may only apply for a second PPP loan if your business: … Has used or will use the full amount of the first PPP. AND can demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same quarter in 2019.