Community Banks and Fin-tech Companies Become Leaders of the PPP Program
Updated: May 12, 2020
After the first round of the SBA Paycheck Protection Program (PPP) initiated under the CARES Act in March 2020, many small businesses found themselves left behind. The smallest of businesses in under served areas were affected most. This included a large number of rural, women, and minority-owned businesses. The second round of PPP funding in the amount of $310 billion was intended to make these funds more accessible to these businesses. While larger banks have been inundated with requests and application, small community banks and online fin tech companies like PayPal, Square and Intuit QuickBooks have stepped up to make the application process easier and the funding process quicker.
Here’s a list of fin tech companies offering PPP loans:
PayPal -- only to current customers
Intuit QuickBooks -- only to current customers
Square -- only to current customers
To find community banks who are offering PPP loans, visit https://www.sba.gov/paycheckprotection/find.