Online lending platform Lendio recently announced it has launched an application for small businesses to access the $349 billion in government funds set aside for the Paycheck Protection Program (PPP). Lendio reported that the Paycheck Protection Program is part of the $2 trillion CARES Act signed on March 27, 2020, aimed at getting small business owners back on their feet and millions of Americans back to work following the COVID-19 pandemic.
Small business owners are able to apply directly through the lender’s portal and will be connected with one of the approved capital providers in Lendio’s extensive network of banks, credit unions, and fintech lenders. In response to the application, Brock Blake, CEO and co-founder of Lendio, stated:
“We know that at this point, time is of the essence. Small business owners are in desperate need of relief, and we want to provide this to them in the most efficient way possible.”
Blake further noted that he and his team anticipate that over the next 90 days around 30 million small business owners going to be looking for relief capital.
“Our hope is that the combination of Lendio’s high-tech application process and an unparalleled network of lenders will make the PPP loan process as quick as possible for as many business owners as possible.”
Lendio recently announced it is planning to hire up to 200 full-time small business loan agents to help meet the demand for emergency capital during the COVID-19 outbreak. The lender’s team explained at the time:
“Lendio’s small business loan agent position is suited for those interested in temporary to hire opportunities, contingent upon performance and company growth. These new hires will be working remotely during COVID-19 closures and will transition to Lendio’s Lehi, Utah headquarters when deemed safe to return to the workplace.”