The new SmartLenders program, activated Tuesday (March 31), will allow for what the company said is the fastest way to administer Small Business Administration (SBA) Paycheck Protection Program (PPP) loans.
That comes after a March 27 decision by Congress to pass the CARES (Coronavirus Aid, Relief, and Economic Security) Act, which includes a provision for financial aid for SMBs that keep employees on payroll during the crisis. Those which maintain the entirety of their previous payroll can have loan forgiveness for the portions used to support their employees.
With NYMBUS's SmartLenders, employers have a new way to digitally apply for PPP loans in a way that handles every component of the process and makes everything much faster for applicants, according to the release. Those looking to apply can click a link to get started. Then, SmartLenders works to automatically collect the required documents, complete underwriting and close the loans.
SmartLenders is backed up by professionally-trained banking and legal experts who overlook the process and make sure everything is compliant with SBA regulations, according to the release.
The program is free, and the company said its goal is to ensure that the economy keeps rolling amid the global pandemic. David Mitchell, president of Nymbus, said the company is doing its best in an unprecedented time to help businesses continue to pay their employees with modern digital tools.
The coronavirus's dismantling of normal American life has meant uncertainty in finances for millions of citizens. Because of that, companies have been working to help get payments to people in a timely fashion to help alleviate the stress brought on by the virus's chaos, such as what GrainChain is doing for farmers.