For many small businesses, the first round of the Paycheck Protection Program (PPP) was difficult — less than 6% of the small business owners who applied for a loan received one. Applications for the second round of PPP loans are now open, allowing businesses of all sizes to secure loans that ensure operations remain intact.
What is the PPP?
The Paycheck Protection Program is intended to help small businesses maintain payroll and continue making payroll-related payments. This includes rent, utilities, healthcare, and interest accrued on other debt obligations.
The Small Business Administration expanded the program for this second round of funding. PPP loans are now available to more types of businesses, with greater flexibility for seasonal employees. They can also cover a wider range of expenses.
How Lendio Can Help
In order to help our marketplace trucking companies, we’ve begun working with a financial services technology company named Lendio. We believe Lendio can be a tremendous resource in understanding whether your business is qualified for this program, as well as in helping you actually apply and receive a PPP loan.
During the first round, business owners accessed more than $8 billion in PPP loans through the Lendio marketplace in just 2 months. We hope to see even better results through this second round.
Last month, we rolled out our discounted ID Theft Protection services for drivers. Our agreement with Lendio is simply another way that we’re trying to become more of a resource to the companies that rely on us to keep their wheels turning.
You can learn more about our program by clicking here.