Default Lookup Field Value based on Picklist

Default Lookup Field Value based on Picklist

How do I change a lookup field value based on another field's value, while creating/editing a record using form?

I have a picklist of different types of Loans. For example: PPP, EDIL, Term, etc.
When I create a record using the form, if I choose PPP from the field, I want the Vendor field to automatically load "Vendor A"

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