You know you need a loan, but you’re not sure which application to use. Let us help you understand the difference between the Paycheck Protection Program (PPP) and the Lendio marketplace so you can choose the application and the experience that best suits your needs.
The Paycheck Protection Program (PPP)
PPP is a potentially-forgivable government loan program to help support small businesses that have experienced a revenue reduction due to the COVID-19 pandemic. The program has broad requirements, allowing a wide swath of US small businesses to qualify.
What Kind of Loan Can You Secure?
When you apply with the PPP application, you apply for the PPP loan only. Borrowers can qualify for a loan of up to 2.5 times their monthly payroll expenses to use toward payroll, mortgage interest, rent, and utilities.
How to Apply for PPP
You can apply for a PPP loan using the PPP application.
More Questions?
We’ve got you covered with a variety of robust resources covering the ins and outs of PPP.
- Paycheck Protection Program (PPP) loans
- Paycheck Protection Program (PPP) Second Draw
- How to Apply for a PPP Loan
- PPP Loan Forgiveness
- PPP Loan Forgiveness Estimator
Marketplace
The Lendio marketplace allows you to compare offers from our network of 75+ lenders. You can apply for a variety of financing options depending on the amount of capital you need and what you need the funds to do. Important: you cannot apply for PPP through the marketplace application.
What Kind of Loan Can You Secure?
With 10+ loan products from 75+ lenders, there’s a vast array of financing options. Some of the most common include:
- Business line of credit
- Short term loan
- Business term loan
- Merchant cash advance
- Equipment financing
- Commercial mortgage
- Accounts receivable financing
- Startup loan
- Business acquisition loan
When to Apply Through Marketplace
If you need funds for uses other than payroll, mortgage interest, rent, and utilities, the Lendio marketplace can help you find a loan product more suited to your needs. If you’ve already received your PPP loan and you still need additional funding, marketplace may have options to help you supplement your working capital needs.
How to Apply to Marketplace
You can apply using the Lendio marketplace application.
Comments