PPP 2nd Draw Loan Assistance — Benworth PPP

Summary

Benworth PPP page headed "PPP 2nd Draw Loan Assistance." It states that a 2nd Draw loan is not the second half or balance of a 1st Draw loan, and that the two are different PPP loans with two different PPP loan numbers. It says different lenders may have been assigned for the two loans, so Benworth Capital may not be the lender on a 2nd Draw loan. It says that a borrower with a 2nd Draw loan number who has not received funds has a cancelled loan and is not responsible for forgiveness or repayment, and that the SBA ended the Paycheck Protection Program on May 31, 2021. It directs borrowers to log in to the Womply portal to identify the assigned lender.

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Full text

PPP 2nd Draw Loan Assistance

Important Information About 2nd Draw PPP Loans

When you applied for your 1st Draw loan, you may have automatically applied for your 2nd Draw loan at the same time. Submitting an application for a PPP loan does not mean it was approved.

- A 2nd Draw loan is not the second half or balance of a 1st Draw loan. These are two different PPP loans with two different PPP loan numbers.
- Even if your 1st Draw loan was approved, your 2nd Draw loan may not have been approved.
- If your 2nd Draw loan was approved, you may have been assigned different lenders for the two different loans. This means that if Benworth Capital funded your 1st Draw loan, we may not be the lender assigned to your 2nd Draw loan.
- If you have a 2nd Draw loan number and you have not received 2nd Draw loan funds, your loan has been cancelled and you will not be responsible for applying for forgiveness or repaying the loan.

The SBA ended the Paycheck Protection Program (PPP) on May 31, 2021 and PPP loans can no longer be funded.

Please log in to the Womply portal to identify the lender assigned to your 2nd Draw loan and contact your lender with your question. If Benworth Capital is not the lender assigned to your 2nd Draw loan, we are unable to assist you.

Click here to view a recording of a webinar hosted by the SBA explaining how to apply for PPP loan forgiveness on the SBA Direct Forgiveness Portal

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