SBA Paycheck Protection Program

At this time we are no longer accepting applications.

In total this year, we have been able to fund:

287,710 PPP loans

(that’s slightly more than the population for Orlando, the city, at 287,442)

for

$4.72 billion

(that was equivalent to the quarterly loss that Disney suffered for the period ending July 27, 2020)

and saved

over 430,000 jobs

(which is roughly what the US labor force increased by in April, the largest gain in six months)

We’ve also funded:

27 7(a)/504 loans

for

$55.04 million

Paycheck Protection Program (PPP) Loans

Below are the portions of the law that relate to small businesses. Our team has spent significant time over the last few weeks working on this legislation and what it will mean to the small business community.

Here is what we know, so far:

Small businesses with 300 or fewer employees that have sustained a 25 percent (or more) revenue loss in any quarter of 2020 are eligible to apply for a second draw PPP loan. $284.45B is available for this.
The maximum second draw PPP loan will be $2MM or 2.5x average monthly payroll like with the initial, first draw PPP loans (3.5x if a business is in NAICS Code 72).
For second draw PPP loan applicants seeking up to $150k, there will be a simple certification process attesting to the qualifying, quarterly revenue reductions, thus expediting these submissions.
It provides full tax deductibility of business expenses on forgiven PPP loans (on both first and second draw loans).
It expands forgivable expenses (beyond the original eligibility) to include supplier costs (such as accounting and IT expenses) and investments in software, facility modifications, and personal protective equipment.
The loan forgiveness process for first draw and second draw PPP loans less than $150K will be simplified to a one-page certification (business owners will still need to provide the number of employees retained, amount spent on payroll, and total loan amount).

Fountainhead PPP Loans Checklist

PPP Round Two

For all 2nd Draw PPP Loan Requests

Under $150,000 PPP Loans

Entity Formation Documents, if applicable
Driver’s License (or passport) on all owners of 20% or more of the borrowing entity
2019 or 2020 IRS Form 940/1120S (whichever year the borrower chooses to base their loan on)
Payroll summary report (or W2’s on all employees) for the corresponding year, which reflect all employee annual wages, taxes withheld, etc. (in order to comply with SBA’s guidelines to filter-out compensation above $100k for loan amount calculations)
Any other corresponding documentation that you wish to include in the loan amount calculation, such as receipts for employees’ health insurance paid by the company
Email Wire Info Document (download sample is on our portal)

Over $150,000 PPP Loans

Entity Formation Documents, if applicable

Driver’s License (or passport) on all owners of 20% or more of the borrowing entity
2019 or 2020 IRS Form 940/1120S (whichever year the borrower chooses to base their loan on)

IRS Form 941 (quarterly payroll tax forms) for all four quarters of 2019 and 2020 (Q4 as well, if available)
2019 Business Tax Returns
Quarterly P&L Financial Statements for 2019 and 2020 OR just the comparative quarters showing at least a 25% revenue reduction (i.e. Q2 2019 vs. Q2 2020). PLEASE sign the front page of these and initial each additional page.
- If you have affiliate entities, you must also provide quarterly P&L Financial Statements for the same periods above for each entity. The SBA requires Lenders include the affiliates’ revenue in the reduction calculation
Payroll summary report (or W2’s) for the corresponding period, which reflect all employee annual wages, taxes withheld, etc. (in order to comply with SBA’s guidelines to filter-out compensation above $100k for loan amount calculations)

Any other corresponding documentation that you wish to include in the loan amount calculation, such as receipts for employees’ health insurance paid by the company
Wire Info Document (download sample is on our portal)

PPP FAQs

How long will it take for my PPP loan to be funded?

After the submission of your PPP loan application to Fountainhead, SBA typically takes up to three business days to approve assuming no errors. Once approved we strive to reach out after a few days with closing documentation. Once executed and returned to us, the loan is typically funded within a week and the SBA does allow lenders 20 calendar days to fund the load. If you have been waiting close to 20 days, please try not to worry. The demand has been tremendous, and we are working around the clock to get your loans funded. Your patience is greatly appreciated and once you are approved, we will do all we can to fund you as quickly as possible. For additional information please visit: www.womply.com/ppp/faq-fast-lane/faq-what-happens-next

How can I check the status of my Womply Fastlane PPP loan?

The best way to check the status of your Womply PPP loan is to visit,https://pppfastlane.womply.com/sign-in/ and check that status there. Regrettably, we are unable to provide individual loan updates at this time.

How can I check the status of my Fountainhead PPP loan?

If you applied for the PPP loan through our Fountainhead portal and it has been one week, please send an email to pppservicing@fountainheadcc.com with the subject line “checking on my PPP loan status”. We will respond to your email as quickly as possible.

How can I check the status of my PPP loan forgiveness?

If you applied for loan forgiveness, please send an email to forgiveness@fountainheadcc.com with the subject line “PPP forgiveness”. We will respond to your email as quickly as possible.