April 21, 2020

Womply Releases Detailed Spanish-Language FAQs to Help Minority-Owned Businesses Obtain PPP and EIDL Funding (BusinessWire)

  • The Paycheck Protection Program and Economic Injury Disaster Loan programs ran out of money but may be replenished as soon as this week.
  • Minority-owned businesses, including those with native Spanish-speaking owners and operators, are at a disadvantage when applying for these complex programs.
  • Womply, a registered loan agent for PPP loans, created detailed FAQ documents and translated them into Spanish to streamline the process for non-English speakers. 

SAN FRANCISCO – April 21, 2020 – Womply, a software and API company serving small businesses and app developers, today released a collection of detailed FAQ documents written in Spanish to help non-English speaking business owners navigate the complexities of federal emergency loan and grant programs. 

Since COVID-19 began affecting revenue at U.S. small businesses in mid-March, Womply has been helping business owners find access to capital and work through the complicated processes associated with getting access to the federal Paycheck Protection Program and Economic Injury Disaster Loans. 

As part of that support effort, Womply created detailed FAQ documents based on guidance from the federal government, SBA 7(a) lending institutions, and other credible sources. Womply enlisted a professional bi-lingual translation service, with extensive experience in translating legal and financial communications, and today made these translated FAQs publicly available online. 

Spanish FAQs available now:

 

Womply also has a dedicated Spanish-speaking support team available to assist non-English speaking business owners who apply for PPP or EIDL funding. 

“Hispanic-owned businesses are a major part of our American small business fabric, both economically and socially,” says Womply Founder and CEO Toby Scammell. “We need to make the federal PPP and EIDL programs as accessible as possible for this vital segment of the U.S. business community. These translated FAQ documents, with associated support from Womply, are an important step.”

The government’s initial $349 billion PPP appropriation ran out on April 16, with 1.6 million of the nation’s 30 million small businesses served by the program. The government is working to replenish the PPP and EIDL programs with fresh funding, and is considering setting aside some funding specifically for under-served businesses like those run by minorities or located in rural areas. 

Womply has been advocating for a more equitable distribution of PPP and EIDL funding, including accommodations for smaller businesses and minority-owned ones. According to the U.S Small Business Administration, the country’s 3.3 million Hispanic-owned small businesses account for nearly a half-trillion in annual sales. 

These businesses need help fast. Womply’s translation efforts are one step toward streamlining the process and help non-English speaking business owners work through the application process. 

As a registered loan agent, Womply is working with banks and financial institutions approved by the U.S. Small Business Administration to streamline the complicated process. Womply has built a robust business process and support system to help small businesses get a jumpstart on their PPP loan application, collect the required documentation, and save their place in line with SBA-approved lenders. 

Small businesses have faced outsized financial challenges as the COVID-19 pandemic has brought the U.S. economy to an unprecedented slowdown. According to Womply analysis, small business revenue has seen a steep and sustained decline since COVID-19 pressures came to a head in the U.S. in mid-March, with potentially millions of businesses effectively shutting down as transaction volume completely dries up amid stay-at-home orders to flatten the coronavirus curve. 

Hispanic-owned businesses can still apply for PPP or EIDL loans in anticipation of the programs being replenished. If you run a small business and speak Spanish as your native language, you can start your PPP application here and email ppp-espanol@womply.com with questions. 

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About Womply

Womply’s 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 the top software partner to the payments industry. Our AI-powered data platform powers our CRM and marketing software, which serves more than 500,000 small businesses in every corner of America. In addition, Womply’s data platform helps innovative developers create more powerful software for businesses and consumers alike. To learn more, visit www.womply.com or email info@womply.com.