Originally Posted by
Guilds12
I don't typically participate in DF discussions, but I thought my input might be valuable in this case to some of you out there that have unknowingly helped me with your posts. I worked for Lendio up until July of last year and then I left to open my own business as the earning potential was much greater working for myself (Lendio typically pays out 10-25% in commissions). As such, I still have many contacts there and they have kept me in the loop with Lendio's PPP activities. During the 1st round, they processed most, if not all, their files for a network of small banks under the conglomerate Jack Henry & Associates as those banks don't have the capabilities to process the flood of applications they knew they were going to get. I'm not sure if they sent many applications through Ready Capital in round one.
On this second round of funding Lendio has widened its network to include other lenders like BlueVine, Kabbage, etc. In fact, I applied for the PPP, as I am a 1099 contractor, through Lendio after Chase Bank (where I have my business account) told me they didn't think they could get it done due to the number of applications in front of me in their queue; I applied with Chase on April 14th. Lendio sent my application to Bluevine on the 27th where it is still in process...Surprisingly, Chase sent me an email at 12:02 AM this morning stating that my application was approved and I just received funds in my account a couple of hours ago. They didn't even ask me to sign any paperwork.
Also, I applied for the EIDL on the 1st of April and didn't think twice about it as I was pretty sure my application wasn't going to go anywhere. Without any notification of any kind $2,000 showed up in my account on Monday morning April 27th. (There are only two of us in my company so I guess we got $1,000 apiece.)
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