Lendio Reintroduces Digital PPP Loan Application For SMBs

To speed up the approval process for small firms when the Paycheck Protection Program (PPP) opens once more, Lendio said it has rolled out its digital application again for small business owners to access funds dedicated for further loans via the program, according to a Tuesday (Dec. 29) announcement.

“The Lendio team has been working to prepare and improve upon the technology that enabled us to facilitate over $8 billion in loan approvals in the first rounds of the PPP,” Lendio CEO and Co-Founder Brock Blake said in the announcement.

Those who own small companies can make an application straight through the small business loan marketplace company and be directed to an approved capital provider via its collection of credit unions, banks, FinTech lenders and non-bank lenders.

And, to help provide small business customers of financial institutions with simplified access to relief funds, Lendio keeps fueling the digital PPP loan application workflow for hundreds of these firms throughout the nation.

Lendio has helped with over $8 billion PPP loan approvals as of now for over 100,000 owners of small companies nationwide. The company’s collection of SBA-approved lenders, its technology and its workforce fueled that effort, according to the announcement.

Lendio rolled out online PPP loan applications for over 250 financial institutions in the early weeks of the PPP via a strategic collaboration with Jack Henry & Associates, Inc.

One of the biggest parts of the now-signed second stimulus bill is $284 billion to help small companies through a rebooted and updated PPP that will make qualification requirements stricter yet relax taxation in addition to eligible expense regulations.

The “Second Draw” PPP will be restricted to businesses that have less than 300 staffers, down from 500 in the first round, who can demonstrate a minimum of a 25 percent fall in revenue for a single quarter in 2020 compared to what they did last year.