Kalamata is a financial technology company that provides small businesses with funding. The company has added access to Paycheck Protection Program (PPP) loans to help small businesses that are struggling amid the COVID-19 outbreak.
Originally, the CARES Act allotted $349 billion for PPP loans to help businesses cover costs such as mortgage, rent, utilities, and employee payroll for up to eight weeks after receiving the loan. Funds ran out in a matter of weeks. On Thursday, the Senate and the House signed off on a second round of funds as part of a $484 billion coronavirus relief package, which President Trump says he intends to approve; $320 billion is designated for the Paycheck Protection Program.
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Large banks have been slammed with applications for PPP loans since the CARES Act passed, resulting in overwhelmed lenders. In an attempt to slow down applications, large banks are placing stricter guidelines on applicants and making the process more difficult. Kalamata is stepping in as a resource for small businesses that are struggling to get PPP loans.
Kalamata has partnered with a data-technology company and a bank that is an authorized Small Business Administration lender. This partnership allows borrowers to access PPP loans relatively quickly online.
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