Nymbus will help financial institutions process paycheck protection loans from the U.S. Small Business Administration, which will allow companies to maintain payroll amid the COVID-19 pandemic.
The Cares Act, which was approved by Congress and signed last Friday, provides more than $2 trillion in aid, including billions in loan support to allow small businesses of less than 500 employees maintain payroll with federally-backed loans. The loan can be forgiven and converted to a grant if the company keeps all workers on the payroll.
The Nymbus Smart Lenders Program can be used to digitize the entire process through participating financial institutions. The Nymbus program automates the entire application process through a portal that links the banks and their small business customers.
“In this unprecedented time we are seeking out ways to support one another,” David Mitchell, president of Nymbus, said, in a press release. “We have the digital tools and full remote processing services already in place to handle the urgency of placing these vital federal funds in the hands of small business owners.”
Cover image: Nymbus