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PPP Application Deadline 6/30/20 – Use SBA Lender Matching Tool

Jun 25, 2020 | Blog, Covid Blogs, CPA Blogs |

Too Little Too Late? With the Short Deadline, SBA Finally Launches a Lender Matching Tool to Make it Easier for Small Businesses to Access Funding. 

The SBA’s Lender Match resource is meant for pandemic-affected small businesses who haven’t applied for or received an approved PPP loan. It connects small businesses trying to access PPP funds with lenders before the loan application deadline of June 30, 2020.

How it Works:

“Within two business days after entering their information into the Lender Match platform, a borrower receives an email from lenders who have been matched with them. The borrower can see lenders’ requests for them to begin an application.  Borrowers are then able to begin the application process directly from the email they receive.”

Lender Match was on pause due to CARES Act implementation priorities and loan volume. It is now being reinstated for CDFIs and other Small Asset Lenders.  Leads will only be forwarded to CDFIs and Lenders with < $10b in assets until the PPP program ends on June 30, 2020, at which time Lender Match will be open to all participating SBA Lenders.  Lender Match not only connects borrowers with accessing PPP loans, but also other SBA lending products, such as 7(a), 504, Microloans, and Community Advantage loans which are currently offering debt relief.”

 

“SBA Rolls Out Dedicated Tool for Small Businesses to Connect with CDFIs, Small Asset Lenders Participating in PPP: The U.S. Small Business Administration.” Small Business Administration, 19 June 2020, www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-rolls-out-dedicated-tool-small-businesses-connect-cdfis-small-asset-lenders-participating-ppp?utm_medium=email&utm_source=govdelivery.