Paychex Aligns With FinTech Providers to Help Businesses Rapidly Apply for New Paycheck Protection Program Funding, Once Available
As Congress works to allocate additional relief funds, Paychex is connecting clients with Biz2Credit, Fundera, and Lendio to expedite the application process
With millions of American businesses working to remain open and pay employees during the coronavirus (COVID-19) pandemic, many have turned to the Paycheck Protection Program (PPP) loan program, created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, for financial relief. While Congress prepares to allocate additional relief funds to the currently depleted program, Paychex, Inc., a leading provider of HR, payroll, benefits, and insurance solutions, today announced it has aligned with online lending providers Biz2Credit, Fundera, and Lendio, to offer businesses in most states the opportunity to more rapidly apply for new loan funding, once available, by beginning the application process now.
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The Small Business Administration began accepting PPP loan applications on April 3 and announced the $349 billion in emergency funding for small businesses exhausted on April 16. Through the offering with Biz2Credit, Fundera, and Lendio, Paychex clients will be able to complete the loan application while the program awaits additional funding by Congress. During this time, Biz2Credit, Fundera, and Lendio will assist clients in preparing applications for submission once new program funds are available.
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“The fact that $349 billion in Paycheck Protection Program loans were allocated in just over two weeks speaks to the critical financial needs America’s businesses continue to have as they do everything they can to stay afloat during this unprecedented uncertainty due to COVID-19,” said Martin Mucci, Paychex president and CEO. “Like all impacted businesses, our customers are looking to expedite the loan process so that they can cover important expenses like payroll and other operational costs as soon as possible. Some of our customers have found connecting with an SBA-approved lender to be challenging, which is why we’ve joined forces with Biz2Credit, Fundera, and Lendio to provide them with access to a ready network of approved lenders to get the loan process underway quickly, should new funds become available.”
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