Three Online Resources to Apply for Payroll Protection Program Today

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 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:

1. 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.
2. Document staff who earned over 100K in 2019, and subtract the Salary over 100k from your total.
3. 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…

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