More Fintechs Gain Approval for Paycheck Protection Program

It was reported over the weekend that PayPal and Intuit gained approval to lend through the Small Business Administration’s Paycheck Protection Program; you can now add Square to the list of lenders allowed to participate with additional online lenders to follow soon; the Small Business Administration says it has approved more than 941,000 loan applications for the program, totaling about $228 billion so far; the area where fintechs can help the most is getting capital to the companies who need $25,000 to $75,000, sums that banks are not likely to underwrite; the demand for loans is clear and there is hope that additional funding will be approved by Congress soon; Jack Heath, President and CEO at WTB Financial, said to American Banker additional funding was critical; “We truly need to get more funds,” Heath said Monday. “We don’t want the program to run out.”; Heath added that he had no objection to fintech lenders joining the program,“I see no reason not to push hard to get money into more peoples’ hands.” American Banker

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.