The lender reported that it has supported 300 SBA-approved financial institutions and fintech lenders across the US, as well as helped secure COVID-19 relief funds for underserved segments of the small business community.
The PPP is part of the USD 2 trillion CARES Act signed on March, 2020, aimed at getting small business owners back on their feet and millions of Americans back to work following the COVID-19 pandemic. After the first round of program closed, the US Senate passed USD 484 billion in new pandemic relief funds to provide additional funding to the PPP small business aid program, pay for coronavirus testing, and help hospitals deluged by sick patients during the COVID-19 pandemic.
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