As a small business ourselves, we understand many of the the difficulties COVID-19 has presented, many of which are financial. Gratefully, the government’s response to the coronavirus pandemic has included providing financial aid to small businesses. One of the most well-known and highly-utilized mechanisms is the Payroll Protection Program (PPP), which helps small businesses secure loans through the Small Business Administration (SBA) to keep its workers employed. Best of all, most or all of the loan proceeds are forgivable, meaning the loans will not require repayment!
Originally, the only lenders offering access to PPP loans were traditional banks. Unfortunately, many small businesses did not have an established lending relationship with a large bank, community bank, or credit union. Many traditional banks reserved their lending efforts to their existing customers, leaving a large number of small businesses unserved or underserved.
Enter Fintech. Fintech (financial technology) companies have now also been approved by the SBA to accept applications from small businesses as part of the PPP. This offers new opportunities for small businesses who have not yet been able to access PPP funds.
Below are links to several fintech companies offering PPP loans to small businesses. We are providing these solely as a reference, specifically for any clients who have not had success with traditional banks or who prefer more innovative solutions.
As always, if you need help completing gathering the information needed to prepare your application, or if you just want a sounding board or affirmation as you go through the process, our KuberneoCPA team is ready to help! Contact us today to schedule a consultation and let us assist you.