A recent report from Nav revealed only 36 percent of the smallest US businesses applied for PPP the first time, compared to 61 percent of mid-sized businesses. Many smaller companies opted out entirely due to complexity and a lack of the sheer resources required to apply.
Fremont, CA: Nav, the simple and intelligent financing platform for small businesses, has launched a new Paycheck Protection Program (PPP) loan calculator alongside other tools and resources to help small and medium-sized businesses (SMBs) access the latest federal funding and forgiveness. On the heels of the recently signed stimulus bill that includes new PPP loans and additional relief for small businesses, Nav's free-to-use resources include:
PPP Loan Calculator: helps business owners quickly and easily determine what financing and forgiveness they qualify for, at no cost.
Easy-to-use PPP Application Portal: allows SMB owners to get started on their PPP applications early, so they're ready to submit as soon as the process opens.
Free Educational Resources: materials to help SMBs understand how to apply for this round of PPP and other forms of relief like the new Economic Injury Disaster Loan (EIDL) grants.
In 2020 alone, the company facilitated more than 75,000 applications for financing. Through PPP specifically, they helped over 4,000 small businesses secure loans and saw up close why the first round of aid fell short for so many companies.
"Small business lending is a broken system, and truly small businesses, especially, are underserved by big banks. This is not a new problem, but COVID-19 and the first rounds of PPP made it even more abundantly clear," said Greg Ott, CEO at Nav. "With the recent approval of second draw PPP loans, the need for a clearer path to small business lending feels particularly urgent. At Nav, we're committed to lowering the fail rate of small businesses, and right now that means making it easier for small business owners to understand and access new federal relief."
Since the first round of PPP funding went live with the CARES Act, Nav has made numerous updates to its platform to better assist SMBs in pursuing financial support. In September, Nav announced an enhanced, intelligent platform that includes the addition of real-time business data analysis and bank account connectivity, an expanded team of expert Funding Managers, and streamlined, dynamic UX to facilitate a simpler, more personalized financing experience from start to finish. Shortly after, the company revealed its next-generation embedded financing platform to provide further transparency and certainty for SMB owners and partners within the small business lending ecosystem.