Small businesses can get PPP loans through PayPal, Kabbage, Bluevine


  • Last year, fintech companies offered faster service for small businesses to get emergency loans through the federal Paycheck Protection Program.
  • Companies like PayPal and QuickBooks are able to streamline the application process because they already have similar systems in place.
  • This could get money into business owners’ hands much faster than if they applied through traditional banks. 
  • However, if you don’t already use one of these services, applications may not be available right away and the process could take longer.
  • Visit Business Insider’s homepage for more stories.

In the initial round of Paycheck Protection Program (PPP), many traditional banks significantly delayed the lending process because their systems were playing catch up with skyrocketing demand. 

Enter the fintech lenders. 

PayPal and Intuit QuickBooks were among the first non-bank lenders to be approved by the Small Business Administration (SBA), as reported by CNBC. More companies like them followed.

Fintechs provide a new avenue for business owners desperately seeking cash and could deliver the funds much sooner than traditional banks, because fintechs already have technology on their side. The application process can be streamlined for businesses that have pre-existing accounts and lending history with their payment processors, bookkeeping, and payroll services.

Fintech services are able to fast-track their applications because they have the framework figured out — they need only to specify it to the Small Business Administration (SBA) guidelines. 

QuickBooks, for example, modeled its PPP application closely to the application customers use to get business loans through QuickBooks Capital. “Most of the data is auto-populated, and it really is just a review process to get through,” vice president and business leader of QuickBooks Capital, Luke Voiles, told Insider. 

Voiles said that the PPP application through QuickBooks starts by calculating the loan amount based on the employer’s payroll and could take about 10 minutes to complete. “There are some serious but very manual steps that we can skip if you happen to be a payroll customer at Intuit.” In most cases, loans could get to customers’ bank accounts the day after they’re approved, Voiles said.

The key for small business owners to know about getting their PPP loans through any of these fintech services is that the speed and ease come by being existing customers. If you don’t already use one of these services, applications may not be available right away. And once they are, the process will take longer and you’ll have to provide more documentation.

Here’s a list of the fintech companies participating in the second round of Paycheck Protection Program loans and information on how you can apply. We will update this list as more details become available.

  • Biz2Credit: Will process both first and second draw PPP loans once the SBA reopens the program. Start your pre-application here.
  • Bluevine: Will process both first and second draw PPP loans once the SBA reopens the program. Sign up here to be notified as soon as applications are available. 
  • FIS: The company does not currently have updated PPP information on its website. You can access its automated lending guide here. 
  • Funding Circle: Will process both first and second draw PPP loans once the SBA reopens the program. Sign up here to be notified as soon as applications are available. 
  • Intuit (Quickbooks): The company does not currently have updated PPP information on its website. Sign up here to be notified when updates are available.
  • Kabbage: Will process both first and second draw PPP loans once the SBA reopens the program. Sign up here to be notified as soon as applications are available. 
  • OnDeck: The company does not currently have updated PPP information on its website. Visit its previous PPP portal here.
  • PayPal: The company does not currently have updated PPP information on its website. Sign up here to be notified when updates are available.
  • Square: The company does not currently have updated PPP information on its website. Visit its previous PPP portal here.
  • Stripe: The company does not currently have updated PPP information on its website. 
  • Veem: The company does not currently have updated PPP information on its website.

This post will be updated with additional details as they develop.

Read more stories on how your small business can get loans, grants, and tax breaks from the new stimulus bill.



Source link Businessinsider.com

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