Lendio is striving to help as many small businesses as possible get access to PPP funding. So far, we’ve been able to help over 70,000 small business owners get SBA approval through our lending partners. We expect an even higher volume of new applicants for this second round of relief.
As was the case in the first round, we will NOT be able to get every applicant approved. We encourage small business owners that have access to PPP funding through their banks to seek help there first, so that we can focus on helping the significant portion of small business owners that do not have any other way of getting funded.
We believe that this next round of PPP funding will go very quickly. That means we have to prioritize PPP applications that are 100% complete and can be received and processed by our lending partners with as little manual intervention as possible. To maximize their ability to approve PPP loans, many of our lenders have created automated processes for reading the most frequently-used payroll verification documents like Forms 940, 941, and 944. If you are able to include these documents in your application, it may improve our ability to quickly match you with a lender.
Lendio is not a direct lender. We are, however, grateful to our lending partners who have participated in this program, choosing to work with small businesses with whom they did not already have a relationship. As such, we ask for your patience as they work through huge volumes of applications, and we assure you we are on your side advocating for expediency.
Update 4/29/2020: The SBA issued a new interim final rule for the 10-day limit on the disbursement of funds. Going forward, lenders will have 10 calendar days to disburse funds once a borrower has received a PLP number. For borrowers who received a PLP number prior to this date, lenders will have 10 days to disburse funds from April 28, 2020.
Lenders have up to 20 calendar days to disburse funds if the delay is due to the borrower. Loan amounts designated for refinance of an EIDL will be paid to the SBA directly by the lender—the borrower will not receive those funds.
Apr 10, 2020