PayPie offers fast lender-matching for SBA PPP loan applications
PayPie, which makes a cash flow and analysis platform for accountants, is offering access to its network of Small Business Association-authorized lending partners to businesses seeking funds through the SBA Payroll Protection Program during the COVID-19 pandemic and economic slowdown.
Since the beginning of the coronavirus pandemic, businesses across the United States, particularly in hotspots for the disease like Seattle, New York and northern New Jersey, have been forced to either close temporarily (“nonessential” businesses) or shift their business processes significantly, as in the case of restaurants. The resulting surge of SBA loan applications has put extra pressure on the SBA, which is also processing applications for Economic Injury Disaster Loans.
Third-party lending facilitators such as PayPie aim to act as a stopgap so businesses can get their loan applications matched with a lender relatively quickly, and securely.
PayPie, which is working on a blockchain-based lending platform as well, matches businesses with their vetted financial providers through the loan application process on its website. The goal is to find businesses the most competitive options for their particular needs.
There are no costs associated, and PayPie shares agent fees received from lenders with referring accountants and advisors. There are no fees or charges for firm clients, as per the SBA program.
Editor's note: Ranica Arrowsmith serves on the advisory board for PayPie.