Divvy identifies qualified customers using a number of factors including Divvy payment history and growth of your business. Cross River Bank CEO says he hopes to see extension of PPP program. I received my PPP loan from Cross River Bank (referred by Divvy). For example, if business is slow and there is not much for your employees to do, you might be tempted to encourage staff to take their vacation time. My application was approved and ready for funding! Small businesses employ 58.9 million people in the US – that’s nearly half of all working people. Original guidance was that the lender had to make ruling on forgiveness within 60 days of receipt. Businesses who use the funds to do this may be eligible for a 100% forgiveness incentive. We’ll take you through everything you need to know to make the most of your relief funds and get your business back on track. © 2020 Divvy. For information on deleting the cookies, please consult your browser’s help function. Loan amount. They're probably working on a portal for forgiveness applications or they'll contact you with steps and information when they're ready to receive applications. Coronavirus. Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit. The interest is a fixed rate of 1%. However, this can result in some functions no longer being available. If you make cuts to payroll, that are vastly different from last year, you will likely be forced to repay the loan. Our partner Cross River Bank is still accepting applications for PPP loans. Products, Track If you are a 1099 employee, you can still submit an application. The point of the PPP is to help small businesses cover payroll expenses as well as other basic costs that keep the lights on so businesses have the best chance of recovery when the crisis is finally over. All While the main purpose of the PPP loan is to cover payroll it can also be used to cover other expenses including: Make sure you are keeping a clear record of payments made with your PPP loan funds if you want the loan forgiven. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. Payroll includes benefits like sick leave, parental leave, and vacation pay. Gather your tax returns and financial statements for the last two years. The SBA PPP program has received another round of funding, which means you can submit your application now! The SBA PPP program has received another round of funding, which means you can submit your application now! Forms 940 and/or 941) from January 1, 2019 to the most current filing. The purpose of the PPP was to help small businesses pay their employees, helping the country avoid mass unemployment in the fallout from coronavirus. Remember that the key purpose of the PPP loan is to make sure as many people as possible are able to stay employed through the coronavirus crisis. Sales Tax. The NorthOne MasterCard Business Debit Card is issued by Radius Bank pursuant to a license from MasterCard U.S.A. Inc. and may be used everywhere MasterCard Debit Cards are accepted. Additional ATM fees may be charged by 3rd party ATMs. I know most big banks are doing that, most likely other lenders will do the same, they won't be taking paper applications. Use your Social Security Number instead of an EIN on your application. Since the Paycheck Protection Program (“PPP”) was announced, our team at NorthOne has been working around the clock to make sure that every small business has the opportunity to apply for a relief loan and get the help they need to make it through this difficult time. Yet for sheer small busines loan volume, Cross River is among the top four banks, having issued over, (as of July 31), averaging less than $35,000 each, and delivering more than.