PPP on stacked wooden blocks

Lendio Provides the Easiest Path to a Second Draw

2 min read • Jan 14, 2021 • Lendio

UPDATE: The PPP loan application period ended May 31, 2021. Learn about financing options available for small businesses today at Lendio.com

 

Finally, Congress has widened access to the Paycheck Protection Program (PPP), allowing borrowers to access a Second Draw. We’re thrilled about this new provision that will allow business owners to access additional financing. 

This news, while exciting, has come with some confusion. If you secured a First Draw PPP loan through Lendio, you may be asking yourself, “Should I apply through Lendio again?”

Since Congress reached an agreement on the new stimulus bill, our teams have been working around the clock to make your Second Draw as seamless as possible. Here are some perks you can expect when applying through Lendio:

We’re an Expediter, Not a Speed Bump

We believe in making financing as easy and as quick as possible. Pre-PPP, we put those efforts into distilling the 25-hour bank application process into an easy 15-minute online application. We took those skills and applied them to PPP.

We combine the power of exceptional technology with attention-to-detail and customer care. As soon as your application is completed, our loan specialists will review your application to ensure that everything is ready to go so that you can secure your PPP funding with lightning speed. 

Your Application is Already Started

If you applied through Lendio for the first draw, we already have your previous documentation and, crucially, your SBA Loan number. You cannot apply for a Second Draw without your SBA Loan number. Don’t spend hours searching for it. Apply through Lendio and click, click, boom. You’re on your way to a Second Draw. 

Multiple Lenders

We partner with multiple lenders to increase your chances of being funded. While the qualifications for a Second Draw are broad, it never hurts to have a backup. 

Ready to secure your Second Draw? Apply now

SHARE

Lendio

Lendio's team of experts is here to help you with every nook and cranny of your business. We'll make sure you have the best advice for financing, operations, management, hiring, and much more.