Tuesday, April 14, 2020
Noting the significant demand for PPP loans, Payroc CEO James Oberman stated that any federally insured bank can make PPP loans, even banks without previous experience with SBA lending products. Payroc partnered with Womply, an approved nonbank SBA loan agent, to provide Payroc’s family of merchants and partners with additional financing options, he added.
“Womply, powered by Cross River Bank, is fully enabled to accept online PPP applications,” Oberman wrote. “You can begin the process by submitting your application and required documents on our PPP landing page.”
Womply President Cory Capoccia noted that American small businesses are facing an unprecedented economic challenge. "We need urgent action to help them stay alive," he said. "Payroc partnering with Womply enables more Payroc merchants to get quick relief by streamlining the process of getting access to critical capital so they can avoid collapse in the wake of the COVID-19 outbreak.”
Womply, an approved SBA loan agent, has been helping to match business owners with approved SBA 7(a) lenders, Oberman said, adding that the partnering companies are doing everything possible to accelerate the application process and connect borrowers with reliable lenders.
Oberman pointed out that participating borrowers who submit applications via Womply, powered by Cross River Bank, cannot be assured of approval even if the documents are fully completed and contain all required documentation, nor can they be assured that the loans will be approved in a time-frame that meets their expectations. “We will continue to provide resources and keep you updated on any new developments," he said.
While the SBA loans are on a first-come, first-served basis, Oberman acknowledged additional funding may become available if the global pandemic continues. Loan terms, regardless of lender, will carry 1 percent interest rates per year, and a significant portion of the loan may be forgiven, he stated. Portions of loans that are not forgiven can be paid over two years and businesses can only be funded once, according to SBA guidelines.
In addition to referring partners and clients to Womply and Cross River Bank for PPP loans, Payroc is providing clients and partners with online tools in an effort to answer questions and improve their chances of obtaining resources and funds. These resources include the following:
“As an organization, we are determined to not let this virus destroy the dreams, hopes and grit that your business is built on,” Payroc’s website states. “We have rallied together to offer you the best package of financial tools available to help combat this economic dip.”
For additional information about Payroc’s resources and programs, visit partners.payroc.com/covid-19/ .
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