TouchBistro today announced that it has teamed up with Lendio to make it easy for U.S.-based restaurants to apply for the Paycheck Protection Program (PPP) loan, which is backed by the Small Business Administration (SBA). Lendio is the largest small business loan marketplace in the U.S. and has experience issuing emergency and standard loans to more than 100,000 small businesses. By partnering with Lendio, TouchBistro is helping restaurants access funds faster to keep their businesses operational during the COVID-19 pandemic. Restaurants can find more information on the loan application process, review the criteria required, and apply for the PPP loan via the new TouchBistro Restaurant Recovery Navigator, which was launched last week.
The US CARES Act (Coronavirus Aid, Relief and Economic Security Act) was created by the U.S. federal government to address the economic impact of COVID-19 on small businesses. As part of this bill, USD$349 billion was allocated for small business loans through the PPP. In addition to payroll, a PPP loan can be used by restaurants to pay for rent, utilities, and mortgage interest. Restaurants that have fewer than 500 employees and have been operational/paying payroll taxes as of February 15, 2020 are eligible to apply.
Lendio works with more than 75 lenders in the U.S. Its experience providing small businesses with loans means any U.S.-based restaurants (not only TouchBistro customers) will be able to quickly apply for the funds they require through the PPP.
To qualify for the PPP, restaurants are required to provide business information, payroll and verification documents, owner information, and then electronically sign the application forms. After a restaurant has been approved for the PPP loan, restaurateurs can also apply for loan forgiveness by providing proof of fund allocation for permissible uses.
“Our focus right now at TouchBistro is ensuring that restaurants have access to everything they need to keep their businesses operational — from key resources such as our Restaurant Recovery Navigator; technology such as the gift cards and online ordering solutions that our engineering teams fast tracked; and government funding, which we are making easier by partnering with Lendio,” said Alex Barrotti, founder and CEO of TouchBistro. “Through Lendio, we are facilitating access to critical financing that restaurants urgently need to help them get through this unprecedented time. Applying for the PPP loan is typically a complex process, but the team at Lendio have made it easy for restaurants to submit their applications and access the funding they need in a timely manner.”
“It’s vitally important that we get the economic wheels turning and put these federal loans into the hands of small business owners fast,” said Brock Blake, CEO and co-founder of Lendio. “Lendio’s partnership with TouchBistro will enable restaurateurs to get streamlined access to the funds they need to remain operational and to retain their valued employees. Whether it’s addressing immediate COVID-19-related financial issues or assisting them with longer-term financing solutions down the road, Lendio looks forward to helping these businesses succeed.”
Those that apply for a PPP loan will have loan payments deferred for at least six months. Interest on PPP loans are provided at 1% APR for the life of the loan so that restaurants can invest in their business and focus on what matters most during the pandemic. Additional information on the PPP loan is available in this fact sheet published by the U.S. Department of the Treasury.
Lendio is a free online marketplace that leverages machine learning to help business owners find the right small business loans within minutes. With a network of over 75 lenders offering multiple loan products and over 100,000 small business loans funded, Lendio’s marketplace is the largest in the country and the center of small business lending. Based in the Silicon Slopes of Lehi, Utah, Lendio was recently recognized by Glassdoor as one of the Top 50 Workplaces and has been certified for four years running as a great workplace by the independent analysts at Great Place to Work®. In addition, Lendio ranks on Fortune’s Best Workplaces in Financial Services & Insurance and Inc.’s Best Workplaces. For every new loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, provides a microloan to a low-income entrepreneur around the world through Kiva.org. More information about Lendio is available at www.lendio.com. Information about Lendio franchising opportunities can be found at www.lendiofranchise.com.
TouchBistro is an all-in-one POS that makes running a restaurant easier. The intuitive platform simplifies and streamlines business operations by seamlessly integrating the most essential restaurant tech solutions in one place – including POS, Payments, Reservations, and much more. Designed specifically for restaurants, TouchBistro offers the reliability, functionality and speed that owners and operators need to run a successful restaurant – helping them increase sales, delight guests, and save both time and money. Meaning restaurateurs can spend less time manually connecting the dots and more time connecting communities through great dining experiences. TouchBistro offers in-depth training and free 24/7 technical support to the over 25,000 restaurants it powers worldwide. With offices in Toronto, New York, Austin, Chicago, London, and Mexico City, and having been named the Best Restaurant POS by Business News Daily four years running, TouchBistro is a trusted global leader that is changing the way restaurateurs run their businesses. For more information, visit www.touchbistro.com.