The Small Business Administration on Friday launched a new tool to help small businesses that have not yet taken advantage of financial aid provided through the Paycheck Protection Program to connect with participating lenders.
The online “lender match” tool is aimed at helping eligible borrowers submit their applications before the June 30 deadline.
Once business owners submit their information on the platform, they will receive an email from lenders that they have been matched with within two days. The application can be started directly from those emails.
“As communities begin to carefully reopen across the country, there are still many more opportunities to provide this assistance to businesses who have yet to access these forgivable loans,” SBA Administrator Jovita Carranza said in a statement. “SBA is utilizing these partnerships with CDFIs, MDIs, CDCs, Farm Credit System lenders, Microlenders and many other participating small asset lenders to ensure that access to this emergency funding reaches the most small businesses and their employees in need – a key priority for President Trump.”
It is specifically designed for PPP loans and will not help with the SBA’s economic injury disaster loan.
The lender match program will only include lenders with less than $10 billion assets until the end of the PPP program, at which time it will be reopened to all participating SBA lenders.
SBA typically operates a lender match option for other loans, but it was put on pause due to the pandemic.
This week, the SBA rolled out a “borrower-friendly,” revised version of the PPP loan forgiveness application after lawmakers made the terms of the program more flexible.
The government has issued more than 4.4 million loans to small businesses through the program.