DoorDash, Bluevine launch PPP funding initiative to assist merchant partners

https://www.mobilepaymentstoday.com/news/doordash-bluevine-launch-ppp-partnership-to-assist-small-merchants/

DoorDash has announced a partnership with fintech BlueVine to help struggling restaurants obtain funding through the federal government’s Paycheck Protection Program.

The program provides forgivable loans for small businesses impacted by the COVID-19 pandemic, according to the DoorDash announcement on a Medium blog.

DoorDash officials said that it learned that many of its restaurant partners were having a hard time navigating the PPP process and needed help in applying for the financial assistance in order to pay for basics like payroll, rent and utilities.

BlueVine has already provided more than $4 billion in funding through the PPP funding, using technology that enables quick processing of applications.

DoorDash officials said the partnership, which began in April, has so far helped almost 200 of its merchant partners get more than $6 million in funding, which will help more than 1,200 workers. Most of the merchant companies are small, with less than 10 employees each.

DoorDash said it is donating proceeds from the partnership to the California Restaurant Association’s Restaurant Care/COVID-19 grants program.

https://www.mobilepaymentstoday.com/news/doordash-bluevine-launch-ppp-partnership-to-assist-small-merchants/