July 1, 2020: On June 30, 2020, the US Senate passed a bill extending the PPP thorough August 8, 2020. The bill still needs approval by the US House of Representatives and the president. We will continue to accept applications for PPP loans in anticipation of the bill’s passage. If there are status updates to your application, you will be notified via email.
Lendio has strived to help as many small businesses as possible get access to PPP funding. In the first and second rounds, we were able to help over 100,000+ small business owners get SBA pre-approval through our lending partners.
As was the case in the first round, we were NOT able to get every single applicant approved. Lendio is not a direct lender. We are, however, grateful to our lending partners that 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 that we are on your side advocating for expediency.
Following the SBA’s interim final rule, released on April 28, 2020, lenders 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 refinancing an EIDL will be paid to the SBA directly by the lender—the borrower will not receive those funds.
Apr 10, 2020