Our latest venture with Womply will put these microbusinesses in the fast lane for PPP loan approvals and funding.” “There are up to 41 million non-employer businesses that could qualify for PPP, but the traditional lending community has largely neglected these enterprises. “Fountainhead’s mission is to support small businesses and as we continue to fund PPP loans, we look for ways to effectively streamline the process and improve our technology in order to get borrowers the money they need as quickly as possible,” said Chris Hurn, CEO of Fountainhead. Immediately after completing PPP Fast Lane, applicants will be matched with their SBA approved lender. PPP Fast Lane includes multiple layers of fraud prevention and identity verification, which is essential to serving PPP loans at scale in accordance with government rules.Borrowers don’t need a registered business entity, business license, official place of business, business bank account, accountant, lawyer, or business banker to apply for PPP. PPP Fast Lane is a simple, web-based data collection process that takes about five minutes. Today’s announcement comes at an opportune time, as yesterday the White House announced impending updates to the Paycheck Protection Program focused on improving access for self-employed persons and businesses with fewer than 20 employees. These under-served businesses are frequently found in low-and-middle income communities, which makes program access all the more important.
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