OnDeck Begins Processing Applications for SBA Paycheck Protection Program
OnDeck, the leader in online lending to small business, today announced it is partnering with a top SBA lender to serve small business owners seeking funding under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).
“OnDeck recognizes that operating a small business during the COVID-19 outbreak comes with unprecedented challenges,” said Noah Breslow, Chairman and CEO, OnDeck. “We are proud to play a crucial role in the Paycheck Protection Program and will leverage our proven online lending platform and world class customer service team to process small business applications quickly and transparently. Small business owners are dealing with enough uncertainty, and we know their time is valuable. Accordingly, we plan to carefully scale our application intake to ensure an outstanding customer experience and avoid excessive wait times between approval and funding.”
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The Paycheck Protection Program was established by Congress and is being implemented by the U.S. Treasury Department and the SBA. The PPP provides low-interest loans, with a possibility for loan forgiveness, to small businesses impacted by the COVID-19 outbreak. The program provides a direct incentive for small businesses to keep their workers on payroll during the current crisis.
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Under the Paycheck Protection Program, OnDeck will be processing and servicing loans on behalf of Celtic Bank, a Utah-Chartered Industrial bank, Member FDIC, and one of the nation’s top ten SBA lenders. On April 9, 2020, OnDeck also applied to the SBA to become a direct lender under the Paycheck Protection Program.