Global financial service platform Kabbage announced on Tuesday it has partnered with a technology-enabled bank and authorized lender of the Small Business Administration (SBA) to deliver billions of dollars of Paycheck Protection Program (PPP) loans to American small businesses. Kabbage claims its program has received more than 37,000 PPP loan applications, denoting more than $3.5 billion.
As previously reported, the Paycheck Protection Program is part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (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. Speaking about the program, Kabbage CEO, Rob Frohwei, stated:
“The smallest businesses in America are always the hardest hit, the most vulnerable and the most in need when a crisis strikes, and together with our bank partner, we are working tirelessly to support them. We have the technology to respond to this national crisis and provide equal opportunity to the millions of business owners seeking relief.”
Kabbage restructured its technology in less than one week to allow any U.S. small business to apply for financial relief appropriated in the CARES Act. The lender did not disclose which bank of the SBA it has partnered with.