Walking through the Fast Lane application, step by step. In that instance, you may want to choose the “NON fast lane” option. However, if you started mid year in 2019 or even the very start of 2020, you'll obviously have higher overall income for your business in 2020. Partly because of the assumption that people wouldn't be ready to use their 2020 numbers, and partly because people needing aid likely had lower income in 2020 than in 2019. Womply's Fast Lane is only set up to use the 2019 form. New rules from the December Stimulus mean you can use your 2020 income as the basis for your funding instead of 2019. If your gross earnings on your 2020 Schedule C were higher than in 2019, you may not want to use the Fast Lane. If you're eligible for the second draw and already received the first draw, you'll only slow yourself down submitting your application. One, if you have already received the first draw of the PPP funding, definitely do not use the Fast Lane application. However, recent rule changes have made more independent contractors eligible for the PPP. There are a number of things that can disqualify you, including some felony records and involvement in certain types of business. You'll also be asked to certify that your business was hurt by the pandemic.
You have to have been in business prior to the start of the pandemic. If you have received PPP funding or an EIDL loan in the past, you cannot use the Fast Lane application. The Fast Lane application is only available to first time PPP borrowers. It makes it a fast easy application process for the PPP funding. It weeds out the stuff that doesn't apply. The application is geared towards self employed individuals. Then they find a lender that can get your application processed for you. With the Fast Lane, Womply gathers the information for you including your tax documents.
WOMPLY PPP FASTLANE LOGIN HOW TO
You had to wade through all the employment portions, often not knowing how to handle it. Womply then would forward you to a lender, and you have to do it all over again. In the past, you had to submit a lot of information. The Fast Lane is a fast, easy way to submit your PPP application. To make things easier for independent contractors, and other 1099 and self employed workers, Womply created the Fast Lane. The streamlined train symbolizes the streamlining of the PPP application process provided by Womply's Fast Lane. Others because the process was just confusing. Some because they were just sloppy and didn't have their documentation together. Their information helped me with my first article on the PPP.Ī lot of gig workers who should qualify had their applications denied.
Information for 1099 workers and self employed individuals was hard to find. Nearly all the early information on how it worked addressed employees and payroll. I first discovered Womply because they were one of the first to put out some clear information on how the Paycheck Protection Program works for independent contractors. They help businesses and sole proprietors find a lender that can handle their applications.
Womply is a registered agent in the SBA program that works with several lenders. Womply introduced the Fast Lane application to make it fast and easy for independent contractors and individuals to apply. Yet the same application is often used for both. The program works very differently for those of us who are independent contractors than it does for businesses with multiple employees. Unfortunately, the applications can be confusing. Income earned from Doordas, Uber Eats, Instacart, Grubhub, Lyft, Postmates, Shipt, GoPuff, Roadie or any of the many other gig economy apps is meant to be protected by this program. In this program, the government sees your earnings as your paycheck. However, the intent of the PPP is very clear: Independent contractors, gig workers, and other self employed individuals ARE eligible for the fully forgivable Paycheck Protection Program stimulus funding. They think that it means this is only meant for businesses that have a payroll. Part of the confusion for a lot of gig workers and other sole proprietors is the “Paycheck” in the Paycheck Protection Program. Don't get hung up on the Paycheck part of the PPP. We'll take a look at the Fast Lane application and how it simplifies the application process. Womply has created a fast, easy way to apply for PPP funding as a self employed contractor. The Paycheck Protection Program application can be overwhelming and confusing for an independent contractor with gig economy apps like Doordash, Uber Eats, Instacart, Grubhub, Lyft and others.
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