Second PPP draws came a median 23 days after the first at three Womply partner lenders; Blueacorn’s two lenders took 49

Second-draw PPP loans came a median 23 days after the same borrower’s first draw at three Womply partner lenders (Harvest, Benworth, Fountainhead) and 49 days at Blueacorn’s two (Prestamos, Capital Plus). The chart counts loans approved each week of 2021 by originating lender, from the SBA’s loan-level data, so each line is an upper bound on the platform’s own volume.

How fast did a first draw become a second draw?

Days between the same borrower’s first- and second-draw approvals, matching borrowers on name, ZIP code and address: about 241,500 matched borrowers at the Womply lenders and about 3,500 at Blueacorn’s. The bars cover gaps of 0–97 days; 10 Womply matches and 41 Blueacorn matches ran longer.

Reading it: The two channels’ first-draw lines are comparable in size. The Womply lenders ramped about two weeks earlier and turned first-draw borrowers into second draws in a tight three-week cluster. Blueacorn’s lenders took about seven weeks and spread out, which pushed many of their second draws up against the end of May 2021, after which the PPP Extension Act of 2021 barred the SBA from accepting new applications.

Channel attribution is by originating lender (an upper bound). The Womply line covers three of the nine lenders this archive documents as Womply partners (Harvest, Benworth, Fountainhead) and counts each one’s full 2021 book, so it can include loans a lender made without the platform. Capital Plus Financial was a partner lender of both platforms, so its 86,521 Womply-referred loans sit inside the Blueacorn line here, not the Womply line. The chart starts in January 2021: Womply’s PPP Fast Lane operated in 2021 (see the Womply loan count); the three lenders’ roughly 8,500 loans approved in 2020 are left out, as are Prestamos’s roughly 900, so both lines cover the same weeks. ProcessingMethod PPP = first draw, PPS = second draw (second draws existed only in 2021). Source: SBA PPP FOIA loan-level files, September 30, 2024 release (original: data.sba.gov). The weekly counts and the histogram are embedded in this page; the ramp dates and median gaps come from the same loan-level records.

In the archive: Womply partner network · Womply loan count · Blueacorn · Blueacorn partner network · Harvest SBF · Benworth · Fountainhead · Prestamos CDFI · Capital Plus / Crossroads — Datasets · All interactives