The company leveraged its proprietary SpotOn platform to serve as an information source and guide to apply for the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP). These federal programs were initially created in March 2020 and comprised almost USD 350 billion of the USD 2 trillion CARES Act stimulus package. Congress recently committed an additional USD 370 billion to these two programs due to the massive demand.
The EIDL and PPP funding programs are for businesses with less than 500 employees, SpotOn’s core customer segment, and are intended to help businesses pay their bills and retain their employees by providing low-interest or forgivable loans.
The SpotOn platform incorporates tools which include payment processing, POS, custom websites, scheduling software, marketing, reviews, analytics, and loyalty – all backed by customer care.
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