I am very frustrated by my local bank that they have not even invited me to apply for PPP. However, a friend shared some online resources where I was able apply. So far I have two of these in “underwriting” but not signed yet.
As far as I understand, you can apply as much as you want. Just be sure to only sign one. I am still very confident that CompanionLink will get accepted and get funding for two months of our payroll.
Today (April 16) funding is out until Congress and the Treasury make a deal. I am confident a deal will be made for this very important program.
Here are some other tips I have learned in my application process:
- The loan amount is 2.5 times 2019 Monthly payroll. The best number to use is from your W-3 form, line 5, plus State and Local Taxes line 17 and 19. Although this is less than “Payroll” this is easy to prove because this is already on your W-3 Form.
- Document staff who earned over 100K in 2019, and subtract the Salary over 100k from your total.
- Make a PDF of everything, and store them on your Personal computer so you can reply to an email any time of day or night. So far I have sent out the following documents; Canceled check, Drivers License picture front and back, Register from checking account, 2019 taxes as filed, 2019 Payroll statement, Payroll Statement from Feb 16 2020, W-3 from 2019, All W-2 and 1099 Misc from 2019, Corporate Founding Documents, 2019 941 Reports (4-quarters).
Kabbage
https://www.kabbage.com/ – Apply online
Fundera
https://www.fundera.com/ – Apply online
Ready Capital
https://readycapital.com/ – Apply online
BlueVine
https://app.bluevine.com/signup/ppp – Apply Online
Cross River Bank
https://www.crossriversba.com/ – Apply Online
And More…
Paypal https://www.paypal.com
OnDeck https://www.ondeck.com/resources/what-is-the-paycheck-protection-program
NAV https://app.nav.com/paycheck-protection-program-form/
Funding Circle https://www.fundingcircle.com/us/paycheck-app-start/
Veem https://www.veem.com/sba-ppp/
Biz2credit https://www.biz2credit.com/
Lendio https://www.lendio.com/
Divvy https://getdivvy.com/covid-19/sba-ppp-loans/
If you have any more sites I will add them here, email me – wayland@companionlink.com
Other articles in this series:
3 New Revenue Sources for Small Business in the CARES Act
Small Business in the time of Virus – Turn Anxiety into Survival