PPP Loan Assistance Terms
Last updated: February 15, 2021
These PPP Loan Assistance Terms (“Additional Terms”) apply to those businesses or entities (“Business”) that have chosen to take advantage of Womply’s PPP Loan Assistance Program (hereafter the “Program”), which can be used to assist Businesses in applying for Paycheck Protection Program Loans (“PPP Loans”). These PPP Loans are provided by third-party private lenders and are backed by the United States federal government. These private lenders are referred to as “Third-Party Partners” in our Terms of Service.
These Additional Terms are a part of and subject to the Womply Terms of Service, and all capitalized terms used herein without definition shall have the meaning given to them in such Terms of Service. The Program as serviced by Womply is part of the Services.
By participating in the Program, you agree to be bound by these Additional Terms as well as other terms, policies, and guidelines applicable to the PPP Loans, including, but not limited to, the PPP Loan agreements and all relevant disclosures between you and the applicable Third-Party Partner.
You acknowledge that you are applying for a PPP Loan for business purposes or on behalf of a Business for business purposes. You further acknowledge that you are authorized to accept these terms on behalf of the Business and that the Business accepts these terms.
In order to be eligible to participate in the Program, you must be a Business currently registered for the Services and in good standing. Womply does not offer support with consumer stimulus programs or consumer loans, and consumers are not eligible for PPP Loans.
Any advice or guidance given by or on behalf of Womply in connection with the Program is given solely for informational purposes. This guidance is not legal, accounting, or tax advice. You should contact your lawyer, accountant, or tax professional should you need such advice.
We do not guarantee any particular outcome from your participation in the Program, including whether you will be granted a PPP Loan. We use reasonable efforts to assist all Businesses interested in the Program, but due to a high volume of requests, we cannot guarantee how quickly we can respond to you.
The Program is free to Businesses. You understand that Womply may be paid a commission by its Third-Party Partners who grant PPP Loans, but Womply does not endorse any particular Third-Party Partner and sometimes our guidance to you may be based on Womply’s commission.
As further detailed below, in the context of your PPP Loan application, we may pass your information to one or more Third-Party Services and/or Third-Party Partners in order to determine your eligibility for a PPP Loan, determine your PPP Loan size, accelerate your PPP Loan application, and/or help you get approved. These Third-Party Partners have the right to contact you directly and if you use their services or provide them additional information you understand you will be consenting to their terms, which may be different from these Additional Terms or our Terms of Service.
These Additional Terms may be modified as described in the Terms of Service. Womply may discontinue the Program at any time, without prior notice.
You shall perform all acts necessary to authorize and/or enable Womply and each applicable Third-Party Service and Third-Party Partner to release the following information (if requested) for those purposes detailed below.
Bank Information
Collection of Bank Information
Womply uses Third-Party Services (including, without limitation, Plaid Inc.) to gather data. If you link a bank account in connection with the Program, these Third-Party Services will collect data directly from the financial institution you specify. You grant Womply and each of the applicable Third-Party Services and Third-Party Partners the right, power, and authority to act on behalf of you and your Business to access and transmit personal and financial information about you and/or your Business from the financial institution you specify. You agree to such personal and financial information being collected, transferred, stored and processed in accordance with Womply’s Privacy Policy and the applicable Third-Party Partner’s and Third-Party Service’s Privacy Policies (including Plaid’s Privacy Policy, with all such privacy policies collectively referred to as “Privacy Policies”).
When you share or provide access to bank statements, bank data, passwords, usernames, PINs, login information and/or any other personal or financial information about you and/or your Business in connection with the Program (referred to collectively as “Bank Information”), you are licensing that content to Womply and each of the applicable Third-Party Services and Third-Party Partners for the purposes described in these Additional Terms and the Privacy Policies. You agree that all Bank Information will be subject to these Additional Terms and the Privacy Policies. For the avoidance of doubt, Bank Information is considered User Data as defined in the Terms of Service. You represent that you are a legal owner of, and that you are authorized to provide Womply and each of the applicable Third-Party Services and Third-Party Partners with Bank Information on behalf of yourself, your Business and/or any other account owner(s).
Use of Bank Information
You give Womply and each of the applicable Third-Party Services and Third-Party Partners permission to use your Bank Information for purposes of: (i) evaluating your PPP Loan application, (ii) evaluating your Business’s eligibility for any current or future financial services offers and marketing these offers to you and your Business, (iii) servicing and collections activities related to the Program, including but not limited to determining the amount of funds in your bank account available to be debited for PPP Loan repayment as authorized by the PPP Loan agreement between you and the applicable Third-Party Partner, (iv) investigating and reporting fraud or alleged fraud, (v) evaluating your Business for any products or services offered by Womply and marketing these products or services to you and your Business, (vi) compliance with anti-money laundering (“AML”) and OFAC sanctions programs, and (vii) internal analytics, credit modeling and product development. In addition, you give Womply and each of the applicable Third-Party Services and Third-Party Partners permission to use your Bank Information for any purpose specified in the Privacy Policies and any other purpose related to the Program.
Duration of Access
When you link a bank account in connection with the Program, you authorize Womply and each of the applicable Third-Party Services and Third-Party Partners to continue to collect Bank Information from the financial institution you specify for as long as your business continues to be part of the Program or for as long as your PPP Loan is outstanding, whichever is longer. The frequency at which Womply and each of the applicable Third-Party Services and Third-Party Partners will collect Bank Information during this period will vary. You can revoke this authorization by writing Womply at support@womply.com.Your revocation will not affect our ability to electronically credit and debit your Program-linked bank account to the extent permitted under any applicable terms and agreements. The Bank Information collected with your consent prior to your revocation will continue to be reviewed, used, stored and shared in a manner consistent with these Additional Terms and the Privacy Policies.
Payroll Information
Collection of Payroll Information
Womply uses Third-Party Services (including, without limitation, Plaid) to gather data from payroll providers. If you link a payroll account in connection with the Services, a Third-Party Service will collect data directly from the payroll provider you specify. You grant Womply and each applicable Third-Party Service and Third-Party Partner the right, power, and authority to act on behalf of you and your Business to access and transmit personal and financial information about you, your Business and your employees from the payroll provider you specify. Payroll providers are considered Third-Party Services pursuant to the Terms of Service. You agree to such personal and financial information being collected, transferred, stored and processed in accordance with our Privacy Policies.
When you share or provide access to payroll information, employment data and records, passwords, usernames, PINs, login information and/or any other personal or financial information about you and/or your Business and its employees in connection with the Services (referred to collectively as “Payroll Information”), you are licensing that Payroll Information (which is considered User Data) to Womply, and each applicable Third-Party Service and Third-Party Partner for the purposes described in these Additional Terms and the Privacy Policies. You agree that all Payroll Information will be subject to these Additional Terms, Womply’s Terms of Service, and the Privacy Policies. You represent that you are a legal owner of, and that you are authorized to provide Womply, the applicable Third-Party Services and Third-Party Partners, and Plaid with Payroll Information on behalf of yourself, your Business and/or any other account owner(s).
Use of Payroll Information
You give Womply and the applicable Third-Party Services and Third-Party Partners permission to use your Payroll Information for purposes of: (i) evaluating your PPP Loan application, (ii) evaluating your Business’s eligibility for financial services offers, (iii) servicing and collections activities related to your PPP Loan, (iv) investigating and reporting fraud or alleged fraud, (v) compliance with AML and OFAC sanctions programs, and (vi) determining your eligibility for forgiveness of your PPP Loan under applicable federal regulations. In addition, you give Womply, the applicable Third-Party Services and Third-Party Partners, and Plaid permission to use your Payroll Information for any purpose specified in the Privacy Policies and any other purpose related to the Program.
Duration of Access
When you link a payroll account in connection with the Services, you authorize Womply and each applicable Third-Party Service and Third-Party Partner to continue to collect Payroll Information from the payroll provider you specify for as long as your business continues to use the Services or for as long as your PPP Loan remains outstanding, whichever is longer. The frequency at which Womply and each applicable Third-Party Service and Third-Party Partner will collect Payroll Information during this period will vary. You can revoke this authorization by writing Womply to support@womply.com The Payroll Information collected with your consent prior to your revocation will continue to be reviewed, used, stored and shared in a manner consistent with these Additional Terms and the Privacy Policies.
Credit Reports, Tax Filings, and Public Records
You give Womply and each applicable Third-Party Service and Third-Party Partner permission to access your consumer credit reports, tax filings, and public records for purposes of: (i) evaluating your PPP Loan application, (ii) evaluating your Business’s eligibility for any current or future financial services offers and marketing these offers to you and your Business, (iii) servicing and collections activities related to your PPP Loan, (iv) investigating and reporting fraud or alleged fraud, (v) compliance with AML and OFAC sanctions programs, (vi) internal analytics, credit modeling and product development, and (vii) any other purpose related to the Program. Checking your credit report for any of these reasons will not impact your credit score. You understand that, after evaluating your complete application and checking your credit report, Third-Party Partners may decide not to offer a PPP Loan to your Business.
You understand that if your PPP Loan application is declined based on any information from your consumer credit report, Womply, on behalf of the applicable Third-Party Services and Third-Party Partners, will send a notice of this action to the business email address provided in the PPP Loan application. You acknowledge that such notice may include your personal credit score and information.
You consent to allow Womply to continue to access your consumer credit report, tax filings, and public records for as long as your PPP Loan remain outstanding.
Indemnification
You will indemnify, defend and hold harmless Womply and applicable Third-Party Service and Third-Party Partner (and their respective employees, directors, agents, affiliates and representatives) from and against any and all claims, costs, losses, damages, judgments, tax assessments, penalties, interest, and expenses (including without limitation reasonable attorneys’ fees) arising out of any claim, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises out of or relates to: (a) any actual or alleged breach of your representations, warranties, or obligations set forth in these Additional Terms or any activity by you in relation to the Program or your participation in the Program; (b) your wrongful or improper use of the Services or Program; (c) your violation of any third-party right, including without limitation any right of privacy; (d) your violation of any law, rule or regulation of the United States or any other country; and (e) any other party’s access and/or use of the Services with your unique name, password or other appropriate security code.
Government Monitoring
To help the government fight the funding of terrorism and money laundering activities, Federal law requires Womply and its Third-Party Partners to obtain, verify, and record information that identifies each person who opens an account. When applying for a PPP Loan from a Third-Party Partner, we will obtain your name, address, date of birth and may ask you for other information that will allow Womply to identify you. We reserve the right to close, suspend, or limit access to the Program in the event we are unable to obtain or verify this information.