Womply Statement on Settlement with the FTC

Washington, D.C. [March 18, 2024] – Womply today released a statement from Alex Cheney, partner with Willkie Farr & Gallagher representing Womply, on its settlement with the Federal Trade Commission (FTC) related to marketing practices during the PPP loan program. 

“Womply remains proud of its success facilitating over 1.3 million PPP loans during the COVID-19 pandemic. While we disagree with the validity of the FTC’s allegations and claims, the Company and its CEO have made a business decision to settle and are satisfied to put the FTC’s allegations behind them. This settlement decision does not detract from the fact that Womply’s platform was a major success during a national crisis. Womply’s quick action made a positive impact on the American economy and the lives of more than a million small businesspeople, who otherwise would have been left out of most PPP funding.”

Womply provided lenders with technology to allow sole proprietors – true small businesspeople – to economically survive the pandemic by accessing Paycheck Protection Program (PPP) loans from lenders approved by the federal government. Womply’s technology allowed seven PPP lenders to fund 1.3 million PPP loan draws for sole proprietors in just a few months in 2021. Womply’s technology allowed millions of Americans – borrowers, their families and communities – to benefit from PPP loans in a time of need, and Womply did more than any other company to help minority owned businesses receive PPP relief. 

About Womply

Founded in 2011 in California, Womply served small businesses, sole proprietors, and independent contractors with user-friendly software for customer management and marketing for over a decade. When the Covid-19 pandemic struck, Womply leveraged its expertise to create a digital platform streamlining the government’s Paycheck Protection Program (PPP) loan application process. Though not a lender, Womply’s technology platform connected lenders and borrowers, serving as a crucial bridge for businesses to navigate the economic crisis.

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Sarah Rothfleisch

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