Online lending platform Lendio announced on Tuesday it has joined forces with wellness industry technology platform, Mindbody, to expedite relief funding through the Paycheck Protection Program (PPP) to small businesses that are struggling during the COVID-19 pandemic. According to Lendio, Mindbody’s software solution links hundreds of thousands of passionate fitness, wellness, and beauty professionals to the millions of customers they serve.
As previously reported, the PPP 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. The first round of program quickly closed and the U.S. Senate passed $484 billion in new pandemic relief funds to provide additional funding to the PPP small business aid program, pay for coronavirus testing, and help hospitals deluged by sick patients during the COVID-19 pandemic. The approved package will provide $320 billion to allow the PPP to take new applicants for the program, which provides forgivable loans to small businesses that keep employees on the payroll for eight weeks.
Brock Blake, CEO and Co-Founder of Lendio, spoke about the partnership by stating:
“It’s vitally important that we move quickly to put the second tranche of funds into the hands of small business owners, especially those in the hardest-hit industries. Lendio is pleased to be partnering with Mindbody to help facilitate funds for its health and wellness clients who are doing everything they can to weather this global pandemic. Lendio looks forward to helping these business owners preserve jobs, ride out the economic storm and remain in business for years to come.”
“The financial impacts of COVID-19 are being felt by small businesses around the world, including Mindbody’s valued customers. Our partnership with Lendio will allow us to easily connect these hardworking entrepreneurs with PPP loans to provide much-needed financial relief.”
Lendio processed over 70,000 PPP loan applications for around $5.8 billion in total funding during the first round of the program. The lending portal currently partners with more than 75 fintech lenders, banks, and credit unions to match borrowers with lenders.