Milestone: Lendio Surpasses 213,000 PPP Loans; Totaling to Nearly $10 Billion
Lendio recently announced it has facilitated more than 213,000
Paycheck Protection Program (PPP) loan approvals, totaling $9.8 billion. According to Lendio, the PPP re-opened in January 2021 with new rules implemented by Congress intended to equitize access to relief funding for minority-owned businesses and very small businesses.
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. The first round of the program quickly closed and the 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 notably facilitated $8 billion in Paycheck Protection Progr
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Last year, Barbara Thigpen had a difficult choice to make: close her salon of 10 years, or dip into her son s college fund.
The salon had been closed for much of the year by California s state mandate due to the pandemic. Then the government said it was offering a third round of Paycheck Protection Program loans. Thigpen thought she had found her solution.
She applied for a PPP loan on February 20 of this year, hoping the money would arrive in time to help keep the lights on at her Jason Rose Salon, in San Rafael. But her loan application has been stuck in limbo. Her son s college fund is now footing the electric bill.
Photo: Getty Images. Illustration: Inc. Magazine
Ron Busby and Brock Blake both shot plenty of criticism at the Small Business Administration last year over its handling of the Paycheck Protection Program. Now, they agree: The PPP might be experiencing its first smooth rollout.
On Monday, the SBA and the Treasury Department prelaunched the newest round of the forgivable loan program to specifically help underserved small businesses that were unable to secure PPP loans last year. So far, the program has been open only to lenders like Community Development Financial Institutions (CDFIs) and microloan intermediaries which typically work with smaller businesses than traditional banks do.