Womply Takes Milestone in Helping 250,000 Small Businesses Access Paycheck Protection Program (P3) Loans
To date, 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 officials from the Small Business Administration and Treasury Department to ensure the success of the PPP. Our data shows that the relaunch of P3s saved hundreds of thousands of businesses and protected millions of jobs.
In 2020, Womply has helped over 100,000 small businesses access the P3 program, and the average loan size for our clients was $ 59,000.
So far in 2021, Womply has helped 150,000 other companies access the latest round of PPPs. Year over year, Womply’s average loan size fell 63% to $ 22,000, a direct result of our efforts to reach underserved, minority and underbanked 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 6.1 million PPP loans have been issued since the program started last year. Thus, nearly 80% of eligible borrowers have not yet benefited from this program.
So far, Womply has helped over 100,000 non-employers access P3 stimulus packages. Non-employers include workers with independent contractor income, self-employed income, or people who consider themselves sole proprietors. Womply has helped tens of thousands of workers and micro-businesses apply for a PPP stimulus, including those who 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, designers, dealers and real estate agents may be eligible.
“Non-employers do not see themselves as ‘small businesses’ and therefore do not apply for PPP even if they are eligible. If in doubt, they should apply,” said Womply Founder and CEO Toby Scammell .
Borrowers do not need a registered business entity, business license, official establishment, professional bank account, accountant, lawyer or commercial banker to apply . Applications take less than thirty minutes. The application is free and there is no credit check for either the individual or the business. If in doubt, apply to womply.com/ppp
If they act quickly, non-employers can immediately receive an emergency PPP stimulus in the amount of $ 1,000 to $ 41,666. Eligible non-employers who did not receive a 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 can receive a total of $ 12 million.
“With the last round of PPP funding, we have deployed our data platform to help with eligibility, qualification, business verification, fraud detection and streamlining of applications,” said the Founder and CEO of Womply, Toby Scammell. “We are supporting nearly 100 other businesses that have small business clients or workers to help them all access the PPP program. And we are expanding our referral and affiliate programs to reach new applicants who can put P3 money to help rebuild America. ”
Apply now to: womply.com/ppp
Learn more about the PPP program at womply.com/ppp/faq
See Womply’s PPP Stimulus Fact Sheet
To learn more about our referral program: [email protected]
Send press inquiries to Justin Davies: [email protected]
Womply’s mission is to help local businesses thrive in a digital world. Founded in 2011, Womply is a local commerce platform that provides applications, APIs, marketing and financial tools to make local commerce a reality for more than 500,000 US businesses and their customers. All of Womply’s products and services are powered by the Womply Commerce Graph, a proprietary data asset that provides the most comprehensive view of local commerce. To learn more, visit www.womply.com or send an email to [email protected]
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210203005869/en/
Senior Integrated Marketing Manager