CompanionLink Blog

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 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:

  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

Three Online Resources to Apply for Payroll Protection Program Today was last updated May 7th, 2020 by Wayland Bruns
Three Online Resources to Apply for Payroll Protection Program Today was last modified: May 7th, 2020 by Wayland Bruns