NCR, NYMBUS to facilitate loans for Small Businesses

Monday 6 April 2020 07:14 CET | News

NCR Corporation has teamed up with NYMBUS to assist small businesses impacted by COVID-19 with accessing Small Business Administration (SBA) Paycheck Protection loans.

The NYMBUS SmartLoans platform provides end to end full-service loan processing which allows every SBA approved bank in the US to submit SBA applications on behalf of their customers without the overhead normally required.

On March 27, 2020, Congress approved the CARES Act which includes the Paycheck Protection Program (PPP). This effort will directly help small businesses (under 500 employees) by providing cash-flow assistance through 100 percent-federally guaranteed loans to employers who maintain their payroll during this emergency. If the employer maintains their average prior payroll, the portion of the loan used for payroll costs and other qualifying expenses will be forgiven.

NCR, a global enterprise technology provider for the banking, retail and hospitality industries, is regularly publishing resources to assist restaurants during this difficult time, including reoptimising restaurant layout to better support takeout, and curbside operations.

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Keywords: NCR, NYMBUS, partnership, loans, small businesses, payroll, Paycheck Protection, COVID-19, US
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech