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LendingUSA Opens Second Round Paycheck Protection Program Applications For Small Business Owners
LendingUSA, a U.S.-based fintech lender that provides loans to small businesses ranging from $1000 to $35,000, recently announced it has teamed up with Cross River Bank to open second round of Paycheck Protection Program (PPP) applications for small businesses. LendingUSA reported that small business owners may apply for a loan of up to $2 million for eligible expenses, subject to varying exceptions and eligibility criteria may app. The second round is open for both first-time and second-time borrowers and requires no collateral or personal guarantees.
“PPP loans also provide qualifying eligible borrowers with loan forgiveness of up to 100% if loan proceeds are used for designated expenses while maintaining salaries and headcount for the covered period in accordance with the rules. Business owners applying for a second draw loan may have no more than 300 employees and must show