NEW YORK, October 25, 2020 (Newswire.com) – Lending Qube™ is proud to announce that as of Oct. 8, 2020, it became an SBA-certified PPP Forgiveness Vendor. This certification has been administered by the Capital Access Financial System, allowing Lending Qube™ to utilize APIs to interact with the SBA PPP Forgiveness Platform on behalf of banks. The Paycheck Protection Program, also known as PPP, is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
Lending Qube™ will utilize its status as an SBA-certified vendor to assist community banks and Minority Depository Institutions in processing PPP forgiveness applications for their borrowers. This is the second service to be offered by Lending Qube™ in response to COVID-19 Relief Programs after its successful rollout of Economic Injury Disaster Loan (EIDL) application services. Lending Qube™ continues to offer its existing SBA 7(a) digital loan platform.
Lending Qube™ is a portfolio company of East Coast Capital Holdings (ECCH) a Specialized Small Business Investment Company (SSBIC) licensed by the Small Business Administration. ECCH’s CEO, Zindel Zelmanovitch, stated that his company is committed to diversifying access to capital and focuses on underserved areas in Banking (MDIs), FinTech and InsurTech.
For more information about Lending Qube™, visit the website here, https://lendingqube.com/.
For more information about East Coast Capital Holdings (ECCH), visit the website here https://foundersimpact.com/.
Source: Lending Qube