paycheck protection program

Jan 13 2021

Rewards Network Partners With Womply to Facilitate Restaurant Applications for the Next Round of Paycheck Protection Program Loans

Rewards Network, a provider of financing, marketing, and loyalty services to the restaurant industry, announced on Wednesday it has formed a partnership with software and API company serving local businesses and app developers Womply to facilitate restaurant applications for the next round of Paycheck Protection Program (PPP) Loans. According to Rewards Network, Womply helped more than 50,000 businesses get their PPP loans in 2020, and are now partnering with Rewards Network to help restaurants streamline the application process to secure their 2021 PPP loan before funds dry up.

While sharing more details about the partnership, Steve Fusco, President of Rewards Network, stated:

“In 2020 we created several resources to help restaurants manage their businesses, and now our partnership with Womply will help restaurants get ahead by swiftly applying for and obtaining the new PPP loans they need.”

Toby Scammell, CEO of Womply, further commented:

“We’re excited to kick off our partnership with Rewards Network in an effort to make it easier for restaurants to submit for the new round of PPP loans, as we understand it can be an overwhelming process. We look forward to seeing many Rewards Network restaurants taking advantage of this partnership really soon, while bringing more awareness of our streamlined application solution to the restaurant industry.”

Rewards Network added that the partnership will also provide a free, six-month Womply Pro subscription ($774 value), and no-fee processing with Womply Pay (up to $226 in savings) for approved loan applicants

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Sep 23 2020

Biz2Credit Teams Up With AICPA & CPA.com to Launch New Small Business Funding Platform

Small business funding platform Biz2Credit announced on Tuesday it is teaming up with the American Institute of Certified Public Accountants (AICPA), its business and technology arm, CPA.com, to launch a new small business funding platform, CPALoanPortal.com. According to Biz2Credit, the platform was created to help with the process for CPA firms advising small businesses both on loan forgiveness under the Paycheck Protection Program (PPP) and additional small business financing options.

Biz2Credit also explained that the platform adds new CPA-centric capabilities to the automated PPP loan forgiveness tool the companies introduced in July that has been used by over 30,000 borrowers and more than 5,000 CPAs and financial professionals.

“[The platform] incorporates the PPP forgiveness calculator developed by the AICPA and is available to any business approved for a PPP loan. The platform produces all government forms required under the PPP program, supports calculations on payroll and other expenses, and produces a master report with the applicant’s electronic signature that can be delivered to the underwriting lender.”

The basic loan forgiveness tool is included in CPALoanPortal.com, with enhanced functionality now available specifically for CPA firms to support clients more efficiently. These features include:

Functionality that allows firms to easily aggregate clients, customize engagements and track progress on loan and financing applications
Integration to additional lending options for clients
Enhanced customer service for CPA firms

Two subscription tiers, premium and enterprise, are also available based on the number of users and volume of loan applications a firm is managing. The original basic loan forgiveness application service remains free. Speaking about the platform, Biz2Credit CEO Rohit Arora, added:

“The PPP loan forgiveness process is only the start of the journey to recovery for many small businessesMany will need continued support and sound financing as the economy continues to slowly recover from the impact of the pandemic. That’s why the additional lending options we’re providing in CPALoanPortal.com are critical. It’s also crucial that CPAs play a key role in guiding small businesses through these decisions, particularly when it comes to financing. We’re committed to helping firms serve their clients better at this critical time and in the future.”

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Aug 19 2020

Lendio’s New Report Reveals How Network of Lenders Converged to Secure $8 Billion in PPP Loan Approvals (Infographic)

Online lending platform Lendio announced on Wednesday its latest report reveals how its network of lenders converged to help secure $8 billion in Paycheck Protection Program (PPP) approvals. The lender reported that more than 100,000 small business owners utilized its online application to access the economic relief funds made available through the Small Business Administration (SBA).

As previously reported, the PPP is part of the $2 trillion CARES Act signed on March 27, 2020, aimed at getting small business owners back on their feet and millions of Americans back to work following the COVID-19 pandemic. Following the first round, U.S. Senate passed $484 billion in new pandemic relief funds to provide additional funding to the PPP small business aid program, pay for coronavirus testing, and help hospitals deluged by sick patients during the COVID-19 pandemic. Lendio released a report last month highlighting the impact of PPP loans facilitated through its platform from April 3, 2020, to June 30, 2020. The report’s findings included the following:

An estimated 1.1 million jobs have been retained through PPP loans facilitated by Lendio.
The states with the most jobs retained are Florida (198,013), California (158,829), Tennessee (99,386), Texas (95,657), and New York (53,572).
98% of PPP applicants through the Lendio platform are first-time Lendio customers.
The average loan amount is highest in Indiana ($172,349), District of Columbia ($148,302), Wyoming ($101,622), Maryland ($93,816) and New Jersey ($91,433).
The average loan amount is lowest in North Dakota ($25,482), Mississippi ($35,412), Iowa ($36,065), Oklahoma ($36,885) and Nebraska ($37,135).
The percentage of loans to women-owned businesses is highest in Montana (45%), Hawai (42%), Nebraska (40%), Vermont (39%), and New Mexico (38%).
The top industries funded are construction, healthcare, restaurants, retail, and manufacturing.

Speaking about the program’s success on the lending platform, Brock Blake, CEO and Co-founder of Lendio, stated:

“The Paycheck Protection Program was an ambitious endeavor from the onset. Without our lending partners, big and small, thousands of small business owners would have been left out of the program. We are grateful for the wide array of lenders who joined forces with the singular goal of saving small businesses.”

See the latest Lendio PPP infographic below.

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