The company aims to speed up to process to help businesses in need of immediate relief
Lendsmart has repurposed its proprietary technology to enable lenders and financial institutions to automate and digitize the Paycheck Protection Program (PPP) loan application form.
As part of the CARES Act, the PPP loan gives a direct incentive for small businesses to keep workers employed during the COVID-19 crisis. Companies can qualify for this program if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.
Lendsmart aims to streamline the application process using its AI-powered platform and network of API vendors. The program will be available from April 3 through June 30.
“With financial institutions struggling to manage the high number of applications and small businesses in need of immediate funds, we needed to simplify and speed the process,” said AK Patel, founder and CEO of Lendsmart.
