Tagged: ppp

Loan Approval Rates Creep Up Post-PPP: Biz2Credit

Loan approval percentages at both big and small banks inched up in May, with smaller banks remaining more generous. That data comes from Biz2Credit’s Small Business Lending Index, which was released earlier today. It showed those banks with at least $10 billion in assets approved… Read More

Perspective: Covid Relief Fraud and Money Laundering in the United States

In an effort to mitigate the effects of Covid-related shutdowns, the US government poured trillions of dollars into relief programs, offering loans to businesses in need and sending checks to people whose income qualified them for aid. However, without adequate controls in place, there was… Read More

The Innovative Lending Platform Association Joins with Traditional Financial Services Associations to Advocate for API to Prevent Loan Fraud

The Innovative Lending Platform Association (ILPA) has joined with multiple traditional financial services associations to advocate on behalf of implementing an API structure to mitigate fraud on lending. In a letter addressed to the Secretary of the Treasury, the Commissioner of the IRS and the… Read More

Biz2Credit’s Latest Small Business Lending Index Reveals: April 2021 Non-PPP Loan Approval Rates Remain Relatively Unchanged

  Biz2Credit announced on Tuesday its latest Small Business Lending Index reported small business loan approval percentages at big banks ($10 billion+ in assets) dipped slightly to 13.4% in April from 13.5% in March 2021. The Index also revealed that small banks’ approvals have dropped to… Read More

Milestone: Lendio Surpasses 213,000 PPP Loans; Totaling to Nearly $10 Billion

  Online lending platform Lendio recently announced it has facilitated more than 213,000 Paycheck Protection Program (PPP) loan approvals, totaling $9.8 billion. According to Lendio, the PPP re-opened in January 2021 with new rules implemented by Congress intended to equitize access to relief funding for minority-owned… Read More

LendingClub Bank Supports Paycheck Protection Program Loans

Last month, the US Paycheck Protection Program (PPP) was extended to aid small businesses impacted by the ongoing COVID-19 health crisis. With the program extending, LendingClub Bank says it will support SMEs with access to more PPP loans through its predecessor in interest Radius Bank…. Read More

Biz2Credit Announces Support For Biden-Harris Administration’s PPP Changes to Promote More Equitable Access to Funding

  Biz2Credit announced earlier this week it supports Biden-Harris Administration’s changes to the Paycheck Protection Program (PPP). The company claims that the changes will promote more equitable access to funding for small businesses in need of funding during the COVID-19 pandemic. Biz2Credit further revealed it has… Read More

LendingUSA Opens Second Round Paycheck Protection Program Applications For Small Business Owners

  LendingUSA, a U.S.-based fintech lender that provides loans to small businesses ranging from $1000 to $35,000, recently announced it has teamed up with Cross River Bank to open second round of Paycheck Protection Program (PPP) applications for small businesses. LendingUSA reported that small business… Read More

Rewards Network Partners With Womply to Facilitate Restaurant Applications for the Next Round of Paycheck Protection Program Loans

   Rewards Network, a provider of financing, marketing, and loyalty services to the restaurant industry, announced on Wednesday it has formed a partnership with software and API company serving local businesses and app developers Womply to facilitate restaurant applications for the next round of Paycheck… Read More

U.S. Financing Platform For Small Businesses Nav Announces Launch of PPP Application Portal

    Nav, a U.S.-based financing platform for small businesses, announced on Monday it has launched its Paycheck Protection Program (PPP) Application Portal. According to Nav, the portal is to help small businesses quickly apply for the new round of PPP loans. “The Nav PPP… Read More

Cross River Set to Participate in Next Round of Paycheck Protection Program

Cross River, a bank that delivers advanced financial and compliance products/services to the fintech industry, announced earlier this week t will be participating in the next round (Round B) of the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP).  In the initial round of… Read More

Wolters Kluwer, a Compliance, Finance, Legal, and Tax Solutions Provider, Enhances UX for PPP Funding

Wolters Kluwer, a company providing information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors, has enhanced the end-to-end user experience for the latest Paycheck Protection Program (PPP) funding va TSoftPlus software and the eOriginal platform…. Read More

Biz2Credit Opens Applications For New Round of Paycheck Protection Program Loans

Biz2Credit announced on Tuesday it has opened applications for anew round of Paycheck Protection Program (PPP) loans.  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… Read More

AICPA, CPA.com, and Biz2Credit: Small Businesses and CPA Firms Should Be Readying for New Round of PPP Relief Funds

Biz2Credit has teamed up with the American Institute of CPAs (AICPA) and its business and technology arm, CPA.com to recommend that small businesses and CPA firms should be readying for a new round of Paycheck Protection Program (PPP) relief funds. Biz2Credit reported that during the initial… Read More

The Paycheck Protection Program Had a Short Positive Impact, But PPP2 Needed: Biz2Credit

The Paycheck Protection Program (PPP), helicopter money disbursed by the federal government to aid businesses crushed by the ongoing COVID-19 pandemic had a positive effect but the overall impact has been short-lived, according to research provided by Biz2Credit. The online lender states that the government… Read More

Latino Owned Businesses Not Sufficiently Supported by PPP, Second Stimulus is Needed : Camino Financial

Camino Financial, a Fintech platform providing affordable credit and financial products for US Latino businesses, recently published a report on Latino-owned Businesses (LOBs) covering Q3 as well as insight into the impact of COVID-19 on these businesses. The US Latino Small Business Survey offers insights… Read More

SBA Approved Non-Bank Lender ACAP Signs Deal With Biz2Credit For License PPP Forgiveness Platform

ACAP, an SBA-approved non-bank lender and national loan aggregator of Paycheck Protection Program (PPP) loans, announced on Wednesday it has signed a new deal with Biz2Credit to utilize the Biz2X PPP Forgiveness Platform. ACAP reputed that it and its servicing team The Loan Source will… Read More

Lendio’s New Report Reveals How Network of Lenders Converged to Secure $8 Billion in PPP Loan Approvals (Infographic)

Online lending platform Lendio announced on Wednesday its latest report reveals how its network of lenders converged to help secure $8 billion in Paycheck Protection Program (PPP) approvals. The lender reported that more than 100,000 small business owners utilized its online application to access the… Read More

Kabbage to Stop Accepting New Applications for Paycheck Protection Program Before August 8th Deadline

Global financial service platform Kabbage announced it will not be accepting new applications for the Paycheck Protection Program after August 6th (today). The online lender decided to close the application process for new applicants before the August 8th deadline in order to finalize existing applications…. Read More

Texas Man Receives $1.1 Million Under Paycheck Protection Program, Uses Funds to Buy Crypto, Busted for Fraud

The US Attorney in the Southern District of Texas has arrested an individual for allegedly receiving over $1.1 million in Paycheck Protection Program (PPP) loans which were used to purchase cryptocurrency according to a statement by the Department of Justice. Joshua Thomas Argires, 29,  of… Read More

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