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President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
In December 2020, Biz2Credit announced taking pre-applications for the new round of the PPP. [12] As of July 2022, the company has facilitated more than $8 billion in loans and financings to small business owners. Biz2Credit is a primary participant in the OCC Project REACh initiative to help small businesses secure access to capital.
The initiative is only for loans of $150,000 or less, which make up 92% of the PPP loans distributed. The new online portal is reportedly designed to streamline the process both for borrowers and ...
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Many of these businesses only got $1 in relief last year.
Lendio's online application process takes an average of 15 minutes to complete, compared to an average of 25 hours filling out traditional lending applications. [ 20 ] Small business owners are offered financing options including credit cards, lines of credit, short-term specialty loans and long-term traditional loans.
The House report states that two fintechs, Womply and Blueacorn, facilitated a third of PPP loans in 2021 before being suspended by the Small Business Administration earlier this year.
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