Kabbage Is Now Officially Accepting PPP Loan Applications
Kabbage announced that they are officially accepting Payroll Protection Program applications. The small business lender is working with an SBA-approved bank to process the loans.
You can fill out the Payroll Protection Program application through Kabbage right here.
This makes Kabbage the first online-only lender to officially accept PPP applications, a much-welcomed bit of news for small business owners who feel shut out by their current banks, many of which have struggled to process these loans so far.
“The smallest businesses in America are always the hardest hit, the most vulnerable and the most in need when a crisis strikes, and together with our bank partner, we are working tirelessly to support them,” said Kabbage CEO Rob Frohwein. “We have the technology to respond to this national crisis and provide equal opportunity to the millions of business owners seeking relief.”
How To Apply For an SBA Loan With Kabbage
Here’s how to apply for the Payroll Protection Program with Kabbage:
- Step 1: Go here to fill out your application with Kabbage
- Step 2: Click “Get Started”
- Step 3: On the landing page, click to learn more about the Payroll Protection Program and click “Apply Now”
- Step 4: Provide the requested information and upload the forms Kabbage asks for
Kabbage will work with an “authorized bank“to deliver billions in SBA loans to small businesses.
Previously, we detailed how to apply for a Payroll Protection Program loan. There are essentially three options: local SBA-approved lenders, your current business bank, or online lenders.
Results have been varied with local and big banks. Wells Fargo, for example, has already capped their loans at $10 billion.
Now Kabbage is the first to strike a partnership and begin accepting official applications for the Payroll Protection Program, which is part of the $2 trillion CARES act passed by Congress in March.
Kabbage SBA Loans
Kabbage is an online lending partner which doles out small business loans both directly and through partnerships with banking partners.
Last week, Kabbage stopped issuing credit to current customers and announced it was putting its full effort into supporting PPP loans for small businesses.
In their press release announcing the launch of their program, Kabbage says it has already received 37,000 PPP pre-applications seeking more than $3.5 billion in funding.
That’s a large number, to be sure, but represents only about 1% of the $349 billion allocated to the program.
Correct – Our #ppploan application is open for all small businesses, whether you're a customer or not.
— Kabbage from American Express (@KabbageInc) April 7, 2020
Kabbage says is open to all small businesses who qualify for the program – under 500 employees – which aims to offset the costs of payroll for about two months while much of the nation remains under lockdown.
Loans given out through the Payroll Protection Program are eligible to be forgiven if the funds are used to keep current employees or re-hire those that have already been let go.
Kabbage is particularly well-suited to handle the volume of PPP applications. As an online lender, their infrastructure is built to support online applications whereas traditional banks have thus far struggled to handle the influx of SBA loan requests.
You can sign up for the PPP through Kabbage here.