Lendio makes it easy for US-based restaurants to apply for urgently needed funding
TouchBistro announced that it has teamed up with Lendio to make it easy for U.S.-based restaurants to apply for the Paycheck Protection Program (PPP) loan, which is backed by the Small Business Administration (SBA). Lendio is the largest small business loan marketplace in the U.S. and has experience issuing emergency and standard loans to more than 100,000 small businesses. By partnering with Lendio, TouchBistro is helping restaurants access funds faster to keep their businesses operational during the COVID-19 pandemic. Restaurants can find more information on the loan application process, review the criteria required, and apply for the PPP loan via the new TouchBistro Restaurant Recovery Navigator, which was launched last week.
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TouchBistro Partners with Lendio to Facilitate Paycheck Protection Program (PPP) Loan Applications for Restaurants
The US CARES Act (Coronavirus Aid, Relief and Economic Security Act) was created by the U.S. federal government to address the economic impact of COVID-19 on small businesses. As part of this bill, USD$349 billion was allocated for small business loans through the PPP. In addition to payroll, a PPP loan can be used by restaurants to pay for rent, utilities, and mortgage interest. Restaurants that have fewer than 500 employees and have been operational/paying payroll taxes as of February 15, 2020 are eligible to apply.
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Lendio works with more than 75 lenders in the U.S. Its experience providing small businesses with loans means any U.S.-based restaurants (not only TouchBistro customers) will be able to quickly apply for the funds they require through the PPP.
To qualify for the PPP, restaurants are required to provide business information, payroll and verification documents, owner information, and then electronically sign the application forms. After a restaurant has been approved for the PPP loan, restaurateurs can also apply for loan forgiveness by providing proof of fund allocation for permissible uses.
“Our focus right now at TouchBistro is ensuring that restaurants have access to everything they need to keep their businesses operational — from key resources such as our Restaurant Recovery Navigator; technology such as the gift cards and online ordering solutions that our engineering teams fast tracked; and government funding, which we are making easier by partnering with Lendio,” said Alex Barrotti, founder and CEO of TouchBistro. “Through Lendio, we are facilitating access to critical financing that restaurants urgently need to help them get through this unprecedented time. Applying for the PPP loan is typically a complex process, but the team at Lendio have made it easy for restaurants to submit their applications and access the funding they need in a timely manner.”
