In response to the impact of the COVID-19 pandemic on small business across the United States, the federal government launched the Paycheck Protection Program (PPP) in April 2020. The program was presented as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide small businesses with the funding they need to keep their workforce employed during this time.
So far, there have been two rounds of applications for these loans. The first deadline for applications was June 30, 2020. However, the federal government soon chose to extend the program. This allowed the U.S. Small Business Administration to resume accepting applications through August 8, 2020.
And now, as our COIVD-19 challenges follow us into 2021, the federal government has elected to extend the program once again.
PPP Second Draw
When the Paycheck Protection Program launched last spring, it was used by hundreds of thousands of small businesses across the country. The need for funding was so great and so immediate, that many lenders reached their limit before all their applicants could be funded. This meant that many business owners found it difficult or even impossible to secure funding before the opportunity was gone.
The recently passed extension of the Paycheck Protection Program is called the “PPP Second Draw”. As we mentioned, this is an extension of the first program. However, even if your business received a PPP loan earlier this year, you are still eligible to apply for additional stimulus funding at this time.
We expect this program will again be inundated by extremely high demand, making it challenging for many businesses to access PPP funds before the additional allocation runs out. That’s why Electronic Merchant Systems partners with Womply; to help you get access to your PPP Second Draw funds as quickly and easily as possible.
EMS Partners with Womply to Help You Find a Qualified Lender
Earlier this year, Electronic Merchant Systems developed a partnership with Womply to help the 20,000 small businesses we serve cope with the economic strain caused by COVID-19. We decided to continue this partnership for the PPP Second Draw to once again give our small business merchants quick access to PPP loan applications.
Our goal is to help you leverage every possible resource during this time by posting helpful information on our website and blog. We know that your families, employees, and local economies all want to see your small business standing strong on the other side of the pandemic. And so do we.
“Our core strategy at EMS is ‘no good merchant left behind’,” states Dan Neistadt, our President & CEO. “This has always been our focus, but it becomes especially important considering the current economic climate. We believe this partnership with Womply will provide valuable support to our merchants right now; when they need it most.”
Let’s talk a little bit more about Womply.
In 2020, Womply helped over 100,000 small businesses secure a stimulus loan and they’re proud to work on this again. Their overall mission is to help small businesses thrive in a digital world. Founded in 2011, Womply is the leading provider of data and software to local businesses and a top software partner for the payments industry. The Womply AI-powered data platform powers their CRM and marketing software, which serves more than 450,000 small businesses across America. In addition, Womply’s data platform helps innovative developers create more powerful software for businesses and consumers alike.
Womply’s specific mission during these challenging times has been, “to help America’s small businesses survive by getting you immediate access to capital.” Although Womply is not a lending company, they want to help small business owners like you understand their available capital options, prepare their applications, and ultimately get the money they need as soon as possible. You can use the simple portal on Womply’s website to enter your basic business information and be quickly connected with an SBA-approved PPP lender. There is no charge for this service.
Start Your Application Now
Because we know demand for PPP Second Draw funding will be high, we recommend starting your PPP loan application process now. Womply can fast-track your application to a number of SBA-certified lenders, giving you the highest probability of getting approved.
Click here to get started today!
Even in these uncertain times, EMS is still here for you. Please contact our 24/7/365 customer support team or call 800-615-1330 with any questions you may have. You can also read additional tips and resources regarding COVID-19 in the following posts: