B2B Payments

NYMBUS Accelerates SBA Loan Processing For Banks

Nymbus will help with loans for businesses

A new program from NYMBUS will help small- to medium-sized businesses (SMBs) affected by the coronavirus pandemic apply for loans through an online portal, according to a press release.

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.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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