Tagged: ppp

April 30, 2020 @ 4:30 pm By JD Alois  |  

  The Paycheck Protection Program (PPP), part of the CARES Act, has emerged as an exceptionally popular policy program by the US government in its efforts to support a faltering economy. In brief, the PPP provides a loan for 2.5X times monthly payroll for struggling… Read More

April 28, 2020 @ 3:13 pm By JD Alois  |  

The Small Business Administration (SBA) has processed $48.5 billion in the first 24 hours of the second round of the Paycheck Protection Program (PPP). The SBA lending platform has struggled to maintain pace of the demand and crashed during the early hours as banks and… Read More

April 28, 2020 @ 11:58 am By Samantha Hurst  |  

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… Read More

April 27, 2020 @ 11:15 am By Samantha Hurst  |  

Fintech unicorn SoFi announced on Monday it has helped funnel more than $75 million in loan applications to lenders for the Paycheck Protection Program (PPP) established by the CARES Act, through its extensive network of lenders and Lantern, the product comparison site operated by SoFi…. Read More

April 26, 2020 @ 10:40 pm By Samantha Hurst  |  

Credibly, a small and medium-sized business lending platform, announced on Friday it has been named an Approved Lender for the Paycheck Protection Program (PPP). As previously reported the U.S. Senate passed $484 billion in new pandemic relief funds to provide additional funding to the PPP… Read More

April 24, 2020 @ 2:20 pm By JD Alois  |  

Earlier today, President Donald Trump signed into law the H.R. 266 or the “Paycheck Protection Program and Health Care Enhancement Act.” The law adds about $500 million in funding to the Paycheck Protection Program (PPP) under the previously approved CARES Act. The PPP provides payroll… Read More

April 23, 2020 @ 9:00 am By JD Alois  |  

Fintech Lendio has formed a partnership with Jack Henry & Associates (NASDAQ: JKHY) to speed up the Paycheck Protection Program (PPP) process to get money to impacted SMEs faster. Lendio has already processed over 70,000 PPP loan applications for around $5.8 billion in total funding…. Read More

April 22, 2020 @ 5:18 pm By JD Alois  |  

  StreetShares, a Fintech lender, will be providing the technology to provide the next round of Paycheck Protection Program loans issued by community banks and credit unions, according to a company release. The PPP is part of the COVID-19 economic support legislation known as the… Read More

April 22, 2020 @ 3:57 pm By JD Alois  |  

Yesterday, Crowdfund Insider covered the news that LendingClub (NYSE:LC), the largest Fintech consumer lender in the US, was furloughing and eliminating jobs due to the COVID-19 pandemic. The crisis has apparently driven the elimination of 471 individual jobs. Shockingly, LendingClub’s President saw his position eliminated…. Read More

April 22, 2020 @ 2:46 pm By Samantha Hurst  |  

Citizens Bank of Edmond announced on Wednesday it has teamed up with MX, a bank, credit union, fintech digital platform to launch a new Paycheck Protection Program (PPP) loan portal for the bank’s small business customers. According to Jill Castilla, President and CEO of Citizens Bank… Read More

April 22, 2020 @ 11:01 am By Samantha Hurst  |  

Lendsmart and Griffin Technologies, two U.S. fintechs that are building software for banks and credit unions, announced on Wednesday they have partnered to provide their customers a complete end-to-end solution for the Paycheck Protection Program (PPP), which was created under the original CARES Act following the COVID-19… Read More

April 21, 2020 @ 5:26 pm By JD Alois  |  

The US Senate has unanimously approved more funding for the Paycheck Protection Program (PPP) created under the original CARES Act that was tapped dry several days ago. The approval by the Senate now queues up a vote in the US House of Representatives later this… Read More

April 17, 2020 @ 2:53 pm By JD Alois  |  

As has been widely reported, the Paycheck Protection Program – part of the CARES Act that provided SMEs with 2 months of payroll loans that may be forgiven – has run out of money. The widely lauded plan has struggled to distribute the funds as… Read More

April 17, 2020 @ 10:37 am By Samantha Hurst  |  

Online lending platform Lendio announced on Friday it facilitated more than 50,000 small businesses across the U.S. through the Paycheck Protection Program (PPP). Lendio reported that PPP applications approved through its online marketplace and bank partnerships total more than $5.5 billion. As previously reported, the… Read More

April 15, 2020 @ 2:09 pm By JD Alois  |  

OnDeck (NYSE: ONDK), an online SME lender, has been approved as a Small Business Administration (SBA) lender to facilitate the Paycheck Protection Program (PPP), part of the CARES Act Coronavirus assistance program. Under the PPP, OnDeck will be processing and servicing loans on behalf of… Read More

April 15, 2020 @ 12:45 pm By JD Alois  |  

The Paycheck Protection Program (PPP), one of the elements of the CARES Act designed to help the US SME sector that has been demolished by the COVID-19 pandemic, has been lauded in its intent but criticized in its execution. Confusion continues as banks struggle to… Read More

April 15, 2020 @ 12:42 pm By Samantha Hurst  |  

Funding Circle (LSE: FCH), an SME lender that facilitates loans in both the US and parts of Europe, announced on Wednesday it has received approval to issue Paycheck Protection Program (PPP) loans through its online lending platform. As previously reported, the PPP is part of… Read More

April 7, 2020 @ 10:50 am By JD Alois  |  

Chatter continues to trickle in that the Payroll Protection Program is floundering a bit during the first few days of the initiative. The Payroll Protection Program (PPP) is part of the $2 trillion CARES Act – the bailout package addressing the COVID-19 onslaught. The PPP… Read More

April 6, 2020 @ 2:52 pm By JD Alois  |  

The US Federal Reserve, the central bank of the US, will establish a facility to facilitate lending to small businesses via the Small Business Administration’s Paycheck Protection Program (PPP) by providing term financing backed by PPP loans. The news was distributed in a very brief… Read More

April 6, 2020 @ 9:58 am By JD Alois  |  

Last week in advance of the opening up of federal subsidized programs to backstop small businesses in the US crushed by the COVID-19 pandemic, Lendio CEO Brock Blake took to Twitter to criticize the lack of coordination between the US Department of Treasury and the… Read More