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Nontraditional Lenders Approved for Paycheck Protection Program
As demand for the federal government’s Paycheck Protection Program—which is designed to help small businesses survive the economic downturn caused by COVID-19 via forgivable loans—continues to increase, additional lenders have been approved to help reach small business owners who may not have established relationships with traditional banks. Financial technology, or fintech, companies PayPal, Square, and Intuit are now authorized lenders in the government program. PayPal has already begun taking applications for the program. Read more here.