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Fintech Seeks to Speed Up Stimulus

Per Protocol, financial technology (fintech) companies are seeking to help Americans get the relief needed that was approved under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The Paycheck Protection Program (PPP) authorizes up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Also authorized in the CARES Act, are the individual rebate checks. Per the CARES Act, “All U.S. residents with adjusted gross income up to $75,000 ($150,000 married), who are not a dependent of another taxpayer and have a work eligible social security number, are eligible for the full $1,200 ($2,400 married) rebate.”

Below is a list of fintech companies that are helping to get relief to Americans:

  • Square is turning to a little-known feature of Cash App. Since users can get an account and routing number for their Cash App account, they can just give that information to the IRS. Square — which, you’ll remember, recently got FDIC approval for many more real-bank features — is particularly interested in serving those who don’t already have bank accounts.
  • Last week Protocol talked about Chime’s pilot project, which amounted to just giving people money. Now it’s offering 100,000 customers an advance on their check.
  • Intuit’s QuickBooks was approved as a PPP lender, and plans to start accepting small-business-relief loans this week. Intuit’s big advantage: It can automate most of the process for small businesses already using QuickBooks.
  • PayPal is offering the same loans, and said it started disbursing money to applicants on Thursday.