Round Two of the PPP Opens Today Amid Huge Demand

The second round of the Paycheck Protection Program launched this morning at 10:30am ET; Congress approved $484 billion in additional relief with $320 billion allocated to the PPP; $60 billion of this is set aside for smaller lending institutions; the law was signed by President Trump on Friday; when the PPP first launched there were very few lenders who were ready; some of the funds went to large companies, of which some were publicly traded companies; while Congress split the total funding into two tiers, there was no money set aside for fintech lenders and there is no money targeted towards the smallest of small businesses; Peter Renton, co-founder of LendIt Fintech shares how fintech lenders could have been central to round two of the PPP and the new measures set by the SBA and Treasury; it is expected that the funds will be fully allocated by the end of day tomorrow barring any tech hiccups. Lend Academy

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