Breakdown in the “Fast Lane”: FTC challenges Womply’s promise to get small businesses PPP loans fast
Tick. Tick. Tick. For small business owners, gig workers, and freelancers fighting for survival during the pandemic, every day that passed without essential capital put their futures at risk. So when Womply – also known as Oto Analytics, Inc. – and CEO Toby Scammell claimed to offer a “PPP Fast Lane” to get them speedy access to funds through the Paycheck Protection Program, it sounded like time was finally on their side. But according to a proposed FTC settlement, consumers got clocked by the defendants’ misleading claims that they could get people PPP loans and their false promise to process applications quickly. As part of the settlement, the defendants will pay $26 million in damages and are prohibited from making those types of misrepresentations in the future.