The deadline for small businesses to apply for a Paycheck Protection Loan is fast approaching.
By Tuesday, June 30, the U.S. Small Business Administration must have received an application from a lender for any small business hoping to apply. To help small businesses find a lender and enable their application for PPP loans, the SBA has reconfigured its Lender Match online tool to quickly connect small businesses with PPP lenders.
PPP loans can fund employee paychecks and other small business expenses. If spent within guidelines, the loan is eligible for forgiveness and paid by the federal government.
Once a business owner submits their information on the Lender Match platform, within two days they receive emails from lenders that they have been matched to them and who will accept their PPP application. A PPP application can be started directly from these emails.
The SBA has added lending partnerships with CDFIs, MDIs, CDCs, Farm Credit System lenders, Microlenders, and many other participating small asset lenders who are participating in the PPP program to the Lender Match tool. This ensures access to the PPP emergency funding for most small businesses and their employees in need.
The online Lender Match tool is available at www.sba.gov/lendermatch.
Communities are carefully beginning to reopen across the country, and more than $100 billion remains in the PPP allocation to be tapped by small businesses.
Thomas Salisbury, Region 7 Great Plains Administrator, U.S. Small Business Administration