Springdale-based fintech developer Teslar Software worked with entrepreneur and Dallas Mavericks owner Mark Cuban and Citizens Bank of Edmond in Oklahoma to create a website to help businesses with the Paycheck Protection Program (PPP).
PPP.bank is a free resource PPP loan borrowers can use to receive an estimate of the forgiveness for the loans and to create a digital application to provide to their lender. The site does not have a database, and applicants’ data will not be kept, shared or sold, according to a news release.
The PPP program was created as part of the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act to help businesses pay their employees during the COVID-19 (coronavirus) pandemic.
“It’s important that we do everything we can to support Main Street’s revival after this trying time,” said Joe Ehrhardt, CEO and founder of Teslar Software. “Bankers are working to prepare for the forgiveness process, but in the meantime, borrowers are worried and need help. The site we developed and created together is an answer to that gap. By offering business owners an easy, automated method to calculate their forgiveness status, we can help bankers and everyone else involved in rescuing America’s small-business owners.”
More than half of business owners expect all expenses to be forgiven from their PPP loans, and 27% said they expect three-quarters of the loan to be forgiven under existing guidelines, according to the National Federation of Independent Business. As of May 30, the Small Business Administration had guaranteed 4.47 million PPP loans. Average loan size was $114,003, and total approved dollars were $510.23 billion, according to the administration’s website.
“PPP.bank allows business owners to more quickly move beyond the complicated, bureaucratic PPP forgiveness application and stay focused on what matters — keeping people employed and their doors open,” Cuban said. “Better yet, we hope it helps the Small Business Administration take the next steps to simplify their application.”