Now that new COVID-19 relief has been signed into law by President Donald Trump, fintech company Biz2Credit has begun taking ‘pre-applications’ for the new round of the Paycheck Protection Program.
With the recent enactment of emergency coronavirus relief, which includes renewed PPP funds and related assistance, new regulations will be in place early in the new year, according to the AICPA and its business and technology arm, CPA.com.
As Congress weighs renewed economic stimulus, CPA firms should be gearing up to assist small businesses whose survival depends on a new round of funding under the Paycheck Protection Program, according to the AICPA and its business and technology arm, CPA.com.
U.S. government lending programs restored sufficient capital for businesses to weather the effects of the COVID-19 pandemic for a short period, but many firms are currently operating at a monthly loss, according to Biz2Credit’s new six-month analysis of COVID-19’s impact on small businesses.
According to Biz2Credits’s latest Small Business Lending Index, small business loan approval percentages at lage banks decreased from 13.3% in October to 13.2% in November. In comparison, big banks approved 28.1% of the funding requests they received last November.
HSBC Bank, part of HSBC Group, is working with Biz2Credit to provide small business owners quicker and easier access when applying for business financing with the Biz2X Platform by Biz2Credit.
Small business loan approval percentages at big banks, or those with $10 billion or more in assets, dropped slightly from 13.5% in September to 13.3% in October, according to the latest Biz2Credit Small Business Lending Index.
According to a study from Biz2Credit, sales of Latinx-owned businesses dropped 42% in March and April and are down 21% during the 12-month period from Sept. 16, 2019 to Sept. 15, 2020.
Small business loan approval percentages at big banks dropped slightly from 13.6% in August to 13.5% in September, which is indicative of the struggles that small businesses are facing, according to the latest Biz2Credit Small Business Lending Index.
ACAP SME, an SBA-approved non-bank lender and national loan aggregator (purchaser) of Paycheck Protection Program (PPP) loans, in partnership with The Loan Source, ACAP’s servicing team, signed a deal to utilize Biz2Credit’s Biz2X PPP Forgiveness Platform.