Congress, PPP, and Fintech Companies Cooperate to Save Small Businesses Using Fintech’s Innovation and Speed

COVID-19 has caused businesses to shut down. The pandemic is causing businesses to lose profit or worse, lose their business.

That’s why small businesses need the PPP relief bill. These businesses need funds to stay afloat. They need to learn how a fintech company can help save their small business.

Fintech can help moves funds more quickly from the PPP relief bill. It can help businesses right now during this crisis.

If you’re unsure of fintech can help your business, check out this guide that can offer some insight.

What Is the PPP Relief Bill? 

The Paycheck Protection Program is designed to help businesses who are suffering during this economic crisis because of the current pandemic. It allows businesses to take out loans to bolster their business in order to survive this economic downturn.

The PPP relief bill is over 300 billion dollars, which will help businesses take out the necessary funds from banks to make ends meet.

However, the Small Business Administration has paused funding since the program expired. But with the renewed funds, there will be a needs to process these funds faster for businesses to stay afloat.

You can see more about PPP loans by visiting our website.

How Fintech Company Is Helping Small Businesses

With the distribution of more PPP loans, Fintech has been asked to come in and help distribute these funds.

Fintech can help process these payments faster to businesses who need them to survive. Fintech can automate thousands of PPP applications in minutes.

Fintech companies will have approval as lenders to help businesses with loans. For example, the company Kabbage has partnered with a bank to help provide small business loans.

The purpose of this partnership is to provide these loans at a faster rate to businesses in need. Now borrowers can access PPP loans much quicker than before because of the fintech companies and their electronic services.

Overall, fintech companies, which are companies that automate financial services, are partnering with banks to provide the financial security that small businesses need when the economy is hurting.

There is solidarity between businesses during this time of crisis.

Why You Should Feel Hopeful for the Future of Your Business

While your business may be suffering because of the current pandemic, there’s hope that you can survive this pandemic and economic slowdown with a loan. With the help of a fintech company, you can have a PPP loan to help pay for business expenses and survive this difficult time.

More funds being approved and distributed for lenders. As a result, fintech companies can help distribute these funds.

Now small businesses can endure the following weeks or even a month longer of slower business until business picks back up.

If you want to apply for a small business loan and have financial security for the following weeks, you can apply for a loan on our website here.