Paychex, Inc., one of the industry leaders in the human resource, payroll, and benefits outsourcing industry announced its recent alignment with online lending platforms Fundera, Lendio and Biz2Credit to facilitate businesses in most states with the opportunity to speedily apply for new loan funding, once available, by commencement of the application process now. This comes as a boon to millions of American businesses struggling to stay open and pay employees during the difficult times of COVID-19 Pandemic.
Many have turned to the Paycheck Protection Program (PPP) loan program, formed under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, for financial assistance. And While Congress works towards allocating additional subsidizers to the currently exhausted program, Paychex, Inc. comes to the rescue with its brand new collaboration.
The Small Business Administration started to accept PPP loan applications on 3rd of April and broadcasted that the $349 billion in emergency funding for small businesses got worn out on 16th of April. While the program awaits any further funding by Congress, Biz2Credit, Lendio and Biz2Credit’s offerings would make it possible for Paychex clients to complete their loan application.
Talking about America’s critical financial needs, president and CEO of Paychex, Martin Mucci stated that in the short span of 2 weeks $349 billion PPP loans were allocated and just like all affected businesses, their customers are also seeking financial help in order to make ends meet. Some of their clients faced difficulty while trying to connect with an SBA-approved lender, thus Paychex partnership with Biz2Credit, Lendio and Fundera came to be. Fundera, Lendio and Biz2Credit will assist clients in preparing applications for submission once new program funds are accessible.
The borrowers would be provided free online solutions and would be navigated through the entire loan application process without having to visit a bank. All PPP-eligible Paychex customers, including customers of Paychex subsidiaries SurePayroll, Oasis, and Advanced Partners, can make use of these three online solutions.
Founded in 1971, Paychex, Inc. is a renowned leader in human resource, benefits and payroll industry. Paychex empowers business owners and HR professionals to transform their business by providing them with inventive software-as-a-service (SaaS) technology and mobility platform. Having more than 670,000 payroll clients in 100 locations in the US, it is one of the leading providers of integrated capital management solutions in the world.
For more information, Visit: https://www.paychex.com/
Biz2Credit is a leading online marketplace for small business funding, backed by Nexus Venture Partners. Founded in 2007, Biz2Credit serves over 250,000 small businesses throughout the US with a Virtual CFO Platform. Their ultimate goal is to offer small businesses with world class lending solutions throughout their lifecycle.
For more information, visit: https://www.biz2credit.com/
Founded in 2013, Fundera is an online marketplace for small business financial solutions. They offer expert insights and customized options from loans to credit cards to bank accounts to the small business owners to compare and choose from. Since its launch, Fundera has provided help to over 50,000 small businesses to locate their best financial solutions.
For more information, visit: https://www.fundera.com/
Lendio is free an online marketplace that helps business owners finds the correct business loans in a couple of minutes. Armed with a network of 75 lenders offering numerous loan products, Lendio’s marketplace is one of the largest in the US. They have recently been acknowledged by Glassdoor as one of the Top 50 workplaces
For more information on Lendio, visit: https://www.lendio.com/