*The PPP loan application window is now closed as of 5/31/21; however, small businesses can still seek financing through our partner, Small Business Benefits.*

On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law, expanding the CARES (Coronavirus Aid, Relief and Economic Security) Act and authorizing a second round of loans through the PPP (Paycheck Protection Program).

This means that smaller businesses and businesses that have been harder hit by the pandemic had a chance to access another PPP loan (or a second chance at accessing a PPP loan for the first time) as long as they meet the eligibility requirements.

Today marks the first day of the program, but for the first two days lending is restricted to first-time borrowers working with community-based lenders, like CDFIs. However, that doesn’t mean that you can’t start applying today.

Apply today to improve your chance at funding

The rollout of the initial PPP loans wasn’t exactly smooth for many small businesses, and many eligible businesses were denied. According to a survey conducted by the National Small Business Association, 52% of small businesses that applied for PPP loans did not get them.

Whether your small business was approved for a PPP loan the first time around or not, you can increase your chances of approval for the next round by applying for relief sooner than later.

Marketing 360® is dedicated to helping small businesses grow and local communities glow. And, right now, what many small businesses need is funding.

That’s why we’ve teamed up with Lendio to make the process of applying for financing as easy as possible for small business owners and to ensure the best chance of approval.

5 reasons to apply for financing through Lendio

#1. Save time

If you went through the application process for the first PPP loan, then I don’t need to tell you how long and arduous it was. And, if you were one of the many businesses to be denied, you may have had to go through the process multiple times.

Lendio is not a direct lender. Instead, it connects small businesses with the more than 300 lenders in its network. This improves your chance of being approved by a lender, and saves you from having to fill out an application again with a different lender in the event of a denial. It also saves you from having to undergo multiple credit checks.

Best of all, it only takes 15 minutes to apply through Lendio! If you go through a traditional lender, like a small bank or a government website, you’ll have to complete a 30-page application.

#2. Choose from multiple offers

When you apply for a PPP loan through one lender, you then are left with one offer that may or may not fit your needs — and that’s only if you’re lucky enough to have your loan approved the first time you apply.

But, when you apply for a PPP loan through Lendio, your application goes to more than 300 lenders. That gives you a much better chance of having your application approved, and it also means that you could potentially have multiple offers to choose from.

Every small business has its own unique needs. With a list of offers to choose from, there’s a much better chance that you’ll find an offer that meets them.

#3. Get help when you need it

Applying for a PPP loan through Lendio not only gets your application in front of hundreds of lenders, but it also gives you access to the professional support you need when you need it from a dedicated loan advisor.

When you choose to apply for a PPP loan with Lendio, you’ll enjoy a faster, simpler application process. However, that doesn’t mean that you won’t have questions, and when questions come up, having a loan advisor to turn to can help to relieve stress and give you peace of mind.

In addition to helping you find answers to any questions you may have about the PPP, your loan advisor can also help you evaluate the loan offers available to you as well as finalize your loan.

#4. Gain access to funds quickly

When you receive a Preferred Lender Program (PLP) number, your application will be approved by the SBA (Small Business Association) and the funds will be reserved for you. From this date (the day you receive your PLP number), your lender has 10 calendar days to disburse the loan in full.

If, for instance, you’re missing paperwork, that prevents your lender from disbursing the funds, they have 20 days to do so. And, if they still don’t have the completed paperwork, the loan could be canceled.

The speed at which you receive your funds depends on the speed at which your application is approved. When you can apply with 300+ lenders at once, you’re likely to get an approval more quickly.

#5. Get assistance with loan forgiveness

The PPP isn’t like other loan programs. One of the main differences between a PPP loan and a typical small business loan is that, as long as you meet the requirements, a PPP loan is up to 100% forgivable.

However, like any other process of its kind, navigating the ins and outs of the PPP loan forgiveness can be tough and complicated. That’s where Lendio comes in.

Lendio can provide you with the guidance you need to get your loan forgiven, as well as help you with the necessary forgiveness documentation.

The deadline to apply for a PPP loan closed on 5/31/21, but if you still need financing, Lendio can help. Learn more.