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

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