Paychex Aligns with FinTech Providers to Help Businesses Rapidly Apply for New Paycheck Protection Program Funding, Once Available
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.
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.
“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.”
Biz2Credit, Fundera, and Lendio offer free online solutions for borrowers to complete loan applications without going into a bank. To begin the process, employers looking to connect with approved lenders need to visit this paychex.com page, select one of the three lending networks, fill out a short questionnaire, and securely upload required documentation, which is available via a specially designed Paychex PPP report. Having helped facilitate the distribution of millions of PPP loan dollars already, all three platforms offer similar value with the primary difference being the selection of SBA-approved lenders each has within its network. Customers can choose which of the three works best for them, should they have a preferred lender based on research, recommendation, or previous experience.
“We are committed to helping our customers navigate this uncharted territory, which includes helping those businesses that are currently underserved or lack an existing bank relationship,” Mucci added. “We are hopeful that Congress will make additional relief funds available for those businesses that desperately need it.”
All PPP-eligible Paychex customers, including customers of Paychex subsidiaries SurePayroll, Oasis, and Advance Partners, can take advantage of these three online solutions.
For more resources, including an interactive tool designed to help employers better understand the Paycheck Protection Program, visit www.paychex.com/coronavirus-resources.
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves approximately 670,000 payroll clients as of May 31, 2019 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected with Paychex on Twitter and Paychex on LinkedIn.
Biz2Credit is the funding source that helps hardworking business owners take advantage of opportunity by offering financial options directly for small businesses. Founded in 2007, Biz2Credit has arranged more than $3 billion in small business financing. Biz2Credit believes business funding should be easy to understand, easy to access, easy to use and always available when it’s needed most. That is why Biz2Credit’s goal has always been to connect business owners to the best and fastest small business funding options. Through Biz2X, the company is delivering its industry-leading technology in custom digital platform solutions for banks and other financial institutions, investors and service providers. Visit www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn.
Fundera is an online marketplace for small business financial solutions. With Fundera’s proprietary technology, any small business owner can apply for financing with more than 30 different lenders with one easy application. Fundera offers guidance for small business owners to secure solutions for any of their financing needs, from credit cards to SBA loans and everything in between.
Since launching in 2014, Fundera has raised $25M in equity financing and was named a Deloitte 2019 Technology Fast 500 and Inc. 5000 2019 winner, as well as one of American Banker’s Best Fintechs to Work For in 2019 and one of the Best Places to Work in Financial Technology in 2020. To date, Fundera has helped 50,000+ small businesses find their best financial solutions and secure over $2 billion in funding. To learn more about Fundera, please visit www.fundera.com.
Lendio is a free online marketplace that leverages machine learning to help business owners find the right small business loans within minutes. With a network of over 75 lenders offering multiple loan products and over 100,000 small business loans funded, Lendio’s marketplace is the largest in the country and the center of small business lending. Based in the Silicon Slopes of Lehi, Utah, Lendio was recently recognized by Glassdoor as one of the Top 50 Workplaces and has been certified for four years running as a great workplace by the independent analysts at Great Place to Work®. In addition, Lendio ranks on Fortune’s Best Workplaces in Financial Services & Insurance and Inc.’s Best Workplaces. For every new loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, provides a microloan to a low-income entrepreneur around the world through Kiva.org. More information about Lendio is available at www.lendio.com. Information about Lendio franchising opportunities can be found at www.lendiofranchise.com.