Womply Hits Milestone by Helping 250,000 Small Businesses Access Paycheck Protection Program (PPP) Loans

SAN FRANCISCO–(BUSINESS WIRE)–Feb 3, 2021–
As of today, 250,000 small businesses have used Womply—the local commerce platform—to apply for the Paycheck Protection Program (PPP). We are proud to have partnered with talented and tireless public servants at the Small Business Administration and Treasury Department to make the PPP successful. Our data shows that PPP stimulus has saved hundreds of thousands of businesses and protected millions of jobs.

  • In 2020, Womply helped more than 100,000 small businesses access the PPP program, and the average loan size for our customers was $59,000.
  • So far in 2021, Womply has helped another 150,000 businesses access the latest round of PPP. Year over year, Womply’s average loan size has fallen by 63% to $22,000—a direct result of our efforts to reach underserved, minority, and under-banked borrowers.
  • Womply estimates that up to 30 million individuals and businesses are eligible for PPP loans.
  • Government data from the Small Business Administration shows that only 6.1m PPP loans have been issued since the program launched last year. Therefore, nearly 80% of eligible borrowers have not yet benefited from this program.

Womply has helped more than 100,000 non-employers access PPP stimulus so far. Non-employers include workers with independent contractor earnings, self-employed income, or people who consider themselves sole proprietors. Womply has helped tens of thousands of gig workers and micro-businesses apply for PPP stimulus including those that receive payments from companies such as Airbnb (ABNB), DoorDash (DASH), Etsy (ETSY), Fiverr (FVRR), Shopify (SHOP), Square (SQ), Uber (UBER), Upwork (UPWK), Wix (WIX). People who work as contractors, truckers, housekeepers, farmers, gardeners, creators, resellers, and real estate agents may qualify.
“Non-employers don’t think of themselves as “small businesses” and therefore they don’t apply for the PPP even though they’re eligible. When in doubt, they should apply,” said Womply founder and CEO, Toby Scammell.
Borrowers don’t need a registered business entity, business license, official place of business, business bank account, accountant, lawyer, or business banker to apply. Applications take less than thirty minutes to complete. It’s free to apply and there is no credit check either for the individual or business. When in doubt, apply at womply.com/ppp
If they act quickly, non-employers can receive immediate emergency PPP stimulus in amounts ranging from $1,000 to $41,666. Eligible non-employers that did not receive PPP stimulus in 2020 may be eligible for two PPP stimulus loans of up to $20,833 each (a so-called First Draw and Second Draw). Businesses with employees may receive a total of $12m.
“With the latest round of PPP funding we’ve deployed our data platform to help with eligibility, qualification, business verification, fraud detection, and streamlining applications,” said Womply founder and CEO, Toby Scammell. “We are supporting nearly 100 other companies that have small business customers or workers to help them all get access to the PPP program. And we are expanding our referral and affiliate programs to reach new applicants who can put PPP money to work rebuilding America.”
Apply now at: womply.com/ppp
Learn more about the PPP program at womply.com/ppp/faq
View Womply’s PPP Stimulus Fact Sheet
To learn more about our referral program: referrals@womply.com
Submit press inquiries to Justin Davies: press@womply.com
About Womply
Womply’s mission is to help local businesses thrive in a digital world. Founded in 2011, Womply is a local commerce platform that provides apps, APIs, marketing, and financial tools to make local commerce happen for over 500,000 American businesses and their customers. All of Womply’s products and services are powered by the Womply Commerce Graph, a proprietary data asset that offers the most complete view of local commerce. To learn more, visit www.womply.com or email info@womply.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210203005869/en/
CONTACT: Justin Davies
Sr. Integrated Marketing Manager
Womply
press@womply.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY SMALL BUSINESS MOBILE/WIRELESS FINANCE
SOURCE: Womply
Copyright Business Wire 2021.
PUB: 02/03/2021 02:43 PM/DISC: 02/03/2021 02:43 PM
http://www.businesswire.com/news/home/20210203005869/en