After failing to secure a Paycheck Protection Program loan during the first round, Laura Vernola and Ed Simpson, owners of Steel City Coffeehouse in Phoenixville, have turned to one of their fintech vendors for the second round of applications, writes Jeff Blumenthal for the Philadelphia Business Journal.

The married couple first applied for a PPP loan as soon as the lender started accepting applications on April 6. But 10 days later, when the program had run out of money, Steel City had still not been approved.

Despite the bank assuring the owners that they would be in line when the second round opens, the pair decided to also apply for PPP through Square Capital as a backup option.

After submitting their application last Friday, Vernola has already learned the fintech company has signed off on the loan and is now just waiting for the SBA to do the same.

“It’s great,” said Vernola. “I just have a feeling that if we get this, it will be through Square.”

Read more about the Steel City Coffeehouse in the Philadelphia Business Journal here.

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