Round 1 Funding Lendio’s expertise in connecting small businesses with a variety of lenders enables us to speed up the processing of PPP applications for thousands of small businesses, especially those with no existing SBA-approved banking relationships. In the weeks since the PPP began, we’ve connected over 70,000 small businesses to more than 250 lenders. While some PPP applications originated through Lendio are still in the process of closing with lenders, borrowers have received over $2.5 billion in PPP loans from lenders across our platform. Lendio performed all the required administrative work and necessary diligence on behalf of our small business customers to submit these applications to our lending partners for SBA approval. Our lending partners have ensured that these applicants passed the required document checks, received an assigned Preferred Lending Partner (PLP) number from the SBA and are approved for PPP funds. Now that these Lendio clients have been approved by a lender and the SBA, the lenders take on the responsibility of gathering the closing documents (including voided checks) and processing the wires so the small businesses get the funds they need. Lendio submitted a large volume of applications from the smallest of the small businesses that didn’t have access to SBA lenders. As such, there is a backlog with some lenders, and this is impacting our customers. Ready Capital is one of the trusted lending partners that stepped up to fund the highest volume of Lendio-led applications for small businesses. Ready Capital has confirmed its commitment to processing and funding every loan as quickly as possible in spite of the high volume, and per their email update sent to customers April 24, expects to have the majority funded next week. Concerns have been raised that because of the 10-day deadline for disbursement, small businesses will not be able to get funding. Key facts about the disbursement rule: \t The SBA will not invalidate a borrower’s approval after the 10-day mark passes \t Borrowers will not be penalized if the window passes \t Any ramifications that persist will be the responsibility of the lenders \t A bipartisan group of lawmakers has urged the Treasury and the SBA to provide flexibility to lenders regarding the 10-day window Since Ready Capital approved the highest volume of applications from small businesses, its closing process is taking the longest. Lendio’s frontend processing, due diligence and ongoing support of the application process are ensuring that every approval in the Ready Capital queue is being worked through in the most expedient manner possible. Round 2 Funding Since the first round of funding was exhausted, additional approved SBA lenders have been added to Lendio’s marketplace platform, which increases options for small businesses to receive the funds that were signed into law on April 24.