Lehi, Utah, April 17, 2020 (GLOBE NEWSWIRE) — Lendio, the nation’s leading marketplace for small business loans, today announced it has facilitated Paycheck Protection Program loans for more than 50,000 small businesses across the U.S. PPP applications approved through Lendio’s online marketplace and bank partnerships total more than $5.5 billion.
The Paycheck Protection Program 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. Lendio launched its Paycheck Protection Program loan application for small business owners on April 3. At the same time, hundreds of financial institutions across the country partnered with Lendio to harness its streamlined digital application to facilitate COVID-19 relief funds for their small business clients.
Small business owners applied for PPP loans at financial institutions nationwide at an unprecedented rate. With only $349 billion in government funds set aside for the nation’s 30 million small businesses, the SBA announced on April 16 that the funds had been exhausted.
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