, which allowed companies to apply for 10 weeks worth of funding to pay their employees and soften the blow caused by the pandemic.PPP funding to over 130,000 businesses, with a median loan size of about $29,000, compared to the SBA's total average of $113,000. More than 80% of recipients have five employees or fewer, and many are so small that they don't have established relationships with banks.
On Tuesday, Kabbage launched a streamlined PPP application for Uber drivers and delivery people using Uber to make it easier for them to apply for federal-relief funding."This has been fintech's shining moment," said Frohwein. "Ten years ago there's zero chance that most businesses we serve would've gotten funding. The banks would've only worked with much larger small businesses out there.", revealed Tuesday.
The gratitude we've received from customers we helped is kind of overwhelming. We think a large number will work with us on a go-forward basis.Frohwein has difficulty looking far into the future at this point because the economy is in such a vulnerable state.
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