UPDATE: Kabbage Report — Paycheck Protection Program
The Paycheck Protection Program is the largest federal relief program in the history of the Small Business Administration (SBA). With over 5,000 lenders participating in the program to deliver over $600 billion to America’s 30 million small businesses, the SBA deputized FinTech companies to support the enormous effort. By the end of the program’s extension on August 8, 2020, Kabbage became the second-largest PPP lender in the country by application volume with nearly 300,00 approved applications for over $7 billion. The report below details the company’s reach and impact to help America’s smallest businesses access federal funding during one of the worst U.S. financial crises on record.