Paychex Partnering with Trio of FinTechs for PPP Loan Assistance

Home » Small Business » Small Business News » Paychex Partnering with Trio of FinTechs for PPP Loan Assistance

Paychex Partnering with Trio of FinTechs for PPP Loan Assistance

Several weeks ago, President Trump signed the CARES (Coronavirus Aid, Relief, and Economic Security) Act into law. This bill not only authorized direct payments to millions of American families but also included the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) intended to help small businesses and their employees. Famously, the initial $349 billion earmarked for PPP ran out in less than two weeks, with another $310 billion now being put into the program. Meanwhile, during the downtime, payroll company Paychex announced that it would be working with three FinTech lenders to help its clients apply for funds.

Last week, Paychex revealed that it was partnering with Biz2Credit, Fundera, and Lendio to help small businesses through the PPP application process. Even before the new round of funds became available, Paychex users could begin the loan application process by visiting its PPP landing page and selecting which of three lenders they’d like to work with. In each case, business owners will be able to submit their applications online instead of having to head to their local bank. Additionally, making the process even smoother, Paychex users will be able to securely upload a tailored PPP report available on the platform. This report is also available to customers using Paychex subsidiaries including SurePayroll, Oasis, and Advanced Partners.

Commenting on the popularity of PPP, Paychex president and CEO Martin Mucci noted, “The fact that $349 billion in Paycheck Protection Program loans were allocated in just over two weeks speaks to the critical financial needs America’s businesses continue to have as they do everything they can to stay afloat during this unprecedented uncertainty due to COVID-19.” He added, “Like all impacted businesses, our customers are looking to expedite the loan process so that they can cover important expenses like payroll and other operational costs as soon as possible.” Mucci went on to discuss his company’s partnership with the three FinTechs, stating, “Some of our customers have found connecting with an SBA-approved lender to be challenging, which is why we’ve joined forces with Biz2Credit, Fundera, and Lendio to provide them with access to a ready network of approved lenders to get the loan process underway quickly, should new funds become available.”

Considering the speed in which the previous round of PPP funding was exhausted — and the controversy that surrounded some of the recipients — the levels of anticipation and stress surrounding the program this time around seem even higher. Moreover, with few municipalities reopening and another month of rent coming due soon, many small businesses are finding their financial situation further deteriorating. Nevertheless, hopefully the efforts Paychex has made to simplify the application process through their customized report and partnerships with online lenders will help businesses owners obtain the funds they need to keep going.


Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

What is a 401(k) Loan and is it a Good Idea?

For many employees, their 401(k) plan is their main means of saving for retirement and it may also represent the bulk of their net worth. Given this reality, it's no wonder that some individuals might look at their retirement savings and wish that they could utilize some of those funds...

Sales of Existing Homes Fall to Near 10-Year Low

During these interesting times, are you in the market for a house? If not, you certainly aren't alone. As CNN Business reports (and according to data from the National Association of Realtors), sales of existing homes dropped by 17.8% in April compared to the previous month. Similarly sales were down...

FinTech Numerated Announces Automated PPP Loan Forgiveness

Among the many ways that the coronavirus pandemic has changed life in America and around the world is that it's made FinTech more relevant than ever before. From contactless payments becoming a growing preference to digital banking proving essential, these innovations have been thrust into the spotlight. Similarly, while select...