OnDeck Now Accepting SBA Paycheck Protection Program Applications
hands shaking

OnDeck Now Accepting SBA Paycheck Protection Program Applications

When Congress voted to pass a more than $2 trillion dollar stimulus package meant to support the economy during the COVID-19 crisis, the element that stood out to most Americans was the $1,200 direct payments that would be sent to some taxpayers. However, for small business owners, it was the Paycheck Protection Program (PPP) that garnered the most interest. Unfortunately the program has seen a bit of a rocky start as some banks were reportedly not prepared to accept applications at launch, having only received guidelines a few hours earlier. Luckily banks are now getting up to speed and some non-traditional lenders are looking to help as well. Among them is the FinTech firm OnDeck.

Yesterday, OnDeck announced that it was now processing applications for the Small Business Administration’s (SBA’s) Paycheck Protection Program. Currently the FinTech is servicing these loans on behalf of Utah-based Celtic Bank. However OnDeck also notes that, as of April 9th, they have also applied to become a direct SBA lender.

The Paycheck Protection Program is intended to help small business owners and their employees manage through this challenging period. Not only does the PPP offer low-interest loans but these loans may also be eligible for forgiveness, provided that business owners meet certain requirements. Most notably, businesses will need to maintain their payrolls during the downtime (hence the program’s moniker).

Announcing OnDeck’s arrangement to help process PPP applications, the company’s chairman and CEO Noah Breslow said in a statement, “OnDeck recognizes that operating a small business during the COVID-19 outbreak comes with unprecedented challenges. We are proud to play a crucial role in the Paycheck Protection Program and will leverage our proven online lending platform and world class customer service team to process small business applications quickly and transparently.” Breslow added, “Small business owners are dealing with enough uncertainty, and we know their time is valuable. Accordingly, we plan to carefully scale our application intake to ensure an outstanding customer experience and avoid excessive wait times between approval and funding.”

Overall having OnDeck arrange a solution to help with the Paycheck Protection Program application process is a big win for business owners and the FinTech itself. Given the frustrations that some entrepreneurs have already found while attempting to obtain their loans, this option will hopefully prove more user-friendly and help them get the funding they need. As for OnDeck, while they would surely love to be directly handling these loans, reaching a partnership with Celtic — and so quickly — does seem to show their commitment to helping small businesses through this time. Hopefully this move makes an impact and grants small business owners and employees some peace of mind during these uncertain times.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...