In the midst of the COVID-19 pandemic, independent contractors have faced tremendous financial difficulty due to the loss of income and job opportunities. However, the Paycheck Protection Program (PPP) has been a lifeline for many independent contractors, providing them with loans to help keep their businesses afloat.
The PPP is a loan program initiated by the U.S. government to offer financial assistance to small businesses during the pandemic. Independent contractors are eligible for PPP loans, which are forgivable if used for specific expenses such as payroll, rent, and utilities.
However, finding the right lender for PPP loans can be a daunting task. To help independent contractors, we have compiled a list of the best PPP lenders for independent contractors.
1. BlueVine
BlueVine is a popular PPP lender for independent contractors due to its swift application process and excellent customer service. The lender provides loans up to $150,000 and offers a straightforward application process that takes just a few minutes to complete. BlueVine also offers flexible repayment terms and interest rates as low as 1%.
2. Kabbage
Kabbage is another trusted PPP lender for independent contractors. The lender offers loans up to $2 million, with an interest rate of 1%. Kabbage provides a simple and streamlined application process and doesn`t require collateral or personal guarantees.
3. Cross River Bank
Cross River Bank is a great option for independent contractors looking for PPP loans due to its fast processing time and high loan limit. The lender offers loans up to $10 million, making it a great option for businesses of all sizes. Cross River Bank also offers flexible repayment terms and doesn`t require collateral or personal guarantees.
4. Lendio
Lendio, an online lending marketplace, has partnered with multiple lenders to offer PPP loans to independent contractors. The lender provides loans up to $10 million, with flexible repayment terms and interest rates as low as 1%. Lendio`s online platform makes it easy to apply for PPP loans and to track your loan progress.
5. PayPal
PayPal, known for its online payment system, has emerged as a reliable PPP lender for independent contractors. The lender offers loans up to $10 million, with an interest rate of 1%. PayPal has a fast and straightforward application process, with loan approvals taking as little as 24 hours.
In conclusion, the PPP program has been a significant source of relief for independent contractors during the pandemic. Finding the right lender for PPP loans is crucial to ensure a smooth and hassle-free loan application process. The above-listed lenders are among the best PPP lenders for independent contractors, offering competitive rates, flexible repayment terms, and excellent customer service.