How Fintech Companies are Delivering Coronavirus Relief to Small Business Owners
The disruption and damage caused by the novel coronavirus has been dramatic and is showing no signs of letting up soon. Companies of all sizes and specializations have been affected, but for small business owners, the challenges are particularly concerning.
As many small business owners are waiting to see how much relief they will receive from the recent stimulus bill, there are a number of fintech companies who are stepping up to provide aid.
First, with the CARES Act Paycheck Protection Program expected to begin on April 3rd, here are Fintechs which are working hard to help:
Lendio is America’s largest small business loan marketplace, providing companies with a variety of loan options. They’re stepping up to help small businesses with paycheck protection during the pandemic. This week they announced that they would be hiring 200 agents to help match small business owners with CARES Act loans.
Fundera is another small business loan marketplace providing a number of resources to help small businesses face their financial challenges. They support some of the most respected brands in small business finance, technology, and education.
Below is a sampling of some other FinTech efforts to help small businesses.
PayPal recently announced that they would be waiving certain fees and deferring repayments on business loans in an effort to provide relief for small business owners. Details include:
- Waiving chargeback fees through at least April 30
- Waiving withdrawal fees from a PayPal business account to a bank account.
- Extending the windows of customer disputes from 10 days to 20 days.
- Doubling the instant cashback reward on eligible purchases for the PayPal Business Debit Mastercard.
Nav, a company that provides business owners with financing, launched a calculator that empowers business owners to understand how much aid and relief they’re entitled to in the stimulus package.
Float is a cash flow forecasting tool that integrates with business software to provide businesses with an up-to-date and dynamic cash flow forecast. For companies that are impacted by pandemic, Float is offering an extended trial of their service through the end of May.
The Jifiti platform serves as a facilitator between banks and retailers, empowering them to launch a fully-branded POS financing experience. They are offering to waive all setup fees and minimums to help accommodate small business owners during this difficult time.
Square’s Cash App, PayPal’s Venmo, and Wells-Fargo backed Zelle have been in communication with the US Government to lend their support to help distribute the record $2 trillion stimulus package.
In these challenging times, it’s great to see companies stepping up to help provide aid for those in need. If your company is in need of search solutions to help your company combat the current, troubling economic crisis, I can help. We will provide flexibility in fee structure to meet your company’s specific challenge.