If you’re one of the millions of US small business owners struggling because of the coronavirus pandemic, you’ve probably spent the last week researching the $2.2 trillion relief bill (CARES Act). You’ve likely started looking into one of the most important provisions within the CARES Act—the Paycheck Protection Program (PPP).
The Paycheck Protection Program (PPP) gives small businesses access to government-backed loans (with 1% fixed interest rates) up to $10 million for a maximum term of 2 years. PPP loans may also be forgiven if the business follows the criteria outlined by the SBA.
The question many small business owners are asking themselves right now is: “What is the best (quickest) way to get a PPP loan?”
You could try learning about the PPP yourself by reading online guides or the provision in the CARES Act—but are you confident you’ll understand it completely?
You could also collect all the required reports, forms, and verifications needed to complete and submit the PPP Borrower Application Form to an approved SBA 7(a) lender—but what if there’s a delay or you’re denied because of missing or inaccurate information?
Your business needs money now, and you don’t have the time to wade through resources and documents trying to determine what information you need for the Paycheck Protection Program application. Just completing the application properly can take more than 2 hours—not to mention the time it’ll take you to find and submit the application to an approved lender.
Instead, online lending marketplaces like Lendio simplify and streamline the PPP application. Lendio’s online PPP loan application will only take you 15 minutes to complete. After you submit the online application, the software will immediately connect you with several approved SBA 7(a) lenders.
The quickness of an online PPP loan application through a lending marketplace will save you hours of work.
Most small business owners aren’t financial or legal professionals, so understanding the intricacies of the Paycheck Protection Program and its requirements may not be their strong suit, and that’s OK! Online lending marketplaces like Lendio have teams—literally groups of experts—working around the clock to study the program, create educational resources, and answer important questions.
If you want to tap into these invaluable resources, then using Lendio to complete and submit your PPP loan application is the way to go. Eliminate any confusion or misinformation about the PPP by using an online lending marketplace.
Small businesses are learning to be flexible right now as they endure the effects of the coronavirus. They’re working remotely, juggling payroll changes, and innovating their business strategies. So why not use an online lending marketplace like Lendio to offer financial flexibility and robust options?
Online lending marketplaces work with multiple lenders and banks, which gives you more control over which lender you want to partner with for a PPP loan. This control can help you find options that will distribute your PPP loan quicker.
Choosing to use an online lending marketplace for your PPP loan can also offer more robust options in case you don’t have time to wait for your PPP loan or need more working capital. Lendio can present you with additional business financing options like short term loans or business lines of credit in case the Paycheck Protection Program isn’t enough.
If you’re looking for the fastest, safest, and most reliable method for applying and receiving a Paycheck Protection Program (PPP) loan, then consider using an online lending marketplace like Lendio. Not only can you apply for a PPP loan in 15 minutes, but you’ll gain access to dedicated experts, multiple lenders, and a safety net of additional financing options in case you need more funding now or in the future.
For more information about why you should use an online lending marketplace for the Paycheck Protection Program (PPP) review the infographic below: