After anxiously waiting on the US government to release another round of PPP funding, an opportunity for relief has arrived for the Main Street businesses across America in need of crucial support to weather the coronavirus pandemic.
in PPP relief funding facilitated through Lendio
small businesses approved for PPP loans through Lendio
average size of PPP loans facilitated through Lendio
Lendio might be a small business (yep, us too!), but we’re mighty. Everyone from our CEO to our intern has been working around the clock to process and submit as many PPP applications as we can.
We’ve gotten loud on Twitter and TV, advocating for fintech lenders to be approved so that PPP loans could be accessible to more small businesses. We’ve worked with our applicants to cross every “t” and dot every “i” on their applications.
Amidst the sleepless nights and missed meals, one thing keeps us going: you. We were founded on the very idea of fueling small business. It’s what we do, all day, every day on a normal day. Now that times are tough, we’re putting our money where our mouth is. We’re in this fight with you, and we’ll do everything in our power to help you through it.
Since the day the doors opened to accept applications, the Paycheck Protection Program (PPP) was peerlessly popular. Unfortunately, that popularity meant the fund pool was drained faster than anyone could have predicted.
So what the heck happened??? In short, it simply wasn’t enough money—not even close.
There are more than 30 million small businesses in America. If you were to evenly divvy up the $350 billion that Congress allotted to the PPP, each small business would only get $11,666. For most small businesses, that doesn’t cover a month of overhead.
Every day, we talk with hundreds of small business owners who are still waiting for relief funding. They’re stressed, anxious, and frustrated. And, to be honest, so are we.
We know we can help thousands more small businesses secure the money they need to keep their doors open and their people employed. We have a PPP application process that’s pretty dang streamlined. We have hundreds of loan experts ready to answer questions. And we have SBA-approved lenders waiting in the wings, ready to approve and fund applications as soon as Congress opens up another round of funding.
We learned a lot from the first round of the Paycheck Protection Program. There’s a need for decisive action, but it should be coupled with a long-term perspective. No more of this plug-the-hole-and-hope-it’s-enough nonsense. All American small businesses need help—whether they have one employee or hundreds. There shouldn’t be exclusions based on industry, and we need guarantees that women and minority-owned businesses won’t be accidentally overlooked.
We want to help you. We’re ready to help you.
Despite the massive setback we’re in right now, the Treasury Secretary claims we’ll have enough money to go around and that small businesses will eventually get the funds they need: “If you don’t get a loan this week, you’ll get a loan next week or the following week. The money will be there.”
We’ve all called for additional aid, and now it’s up to Congress to make it happen.
However, as we all know, the government operates on its own timeline. As sides squabble and pass blame as to why the life-giving funds haven’t hit the pockets of small business owners, the rest of the country is doing everything it can to make each fleeting dollar count. It’s up to all of us to stay strong, help each other where we can, and urge Congress to put aside their differences and work together toward what’s best for our small businesses and the wounded American Dream.
Apr 16, 2020