The Paycheck Protection Program was created as part of the recently passed CARES Act—a 2 trillion dollar stimulus package intended to buoy up the U.S. economy in the current crisis. As a short-term lending solution, PPP loans are available to small businesses with 500 or fewer employees. The funds can be used to cover payroll costs, keeping employees on the books even when businesses have to close their doors due to COVID-19.
“This is the fastest, easiest solution for PPP applications available today, because it all takes place online. We’re seeing customers take their applications from start to finish in 15 minutes.”
– Sterling Snow, Senior Vice President of Revenue at Divvy
Divvy partnered with Cross River Bank due to CRB’s tech-first approach—many other banks have been processing applications on paper.
In the first five hours of accepting applications, Divvy processed over $800 million of loan requests. For small businesses struggling to keep the lights on or retain employees during the COVID-19 crisis, speed to funding is the top priority.
“Cross River Bank has been an incredible partner. Since the PPP program is first come, first serve, we knew we’d need a banking partner who could process lots of loans quickly, without applications getting stuck. And CRB has done just that.”
– Sterling Snow
PPP loans are issued by banks and backed by the SBA, so they require no collateral and no personal guarantees. PPP loans offer businesses affected by COVID-19 up to 2.5x their average monthly payroll costs—and in many cases, are 100% forgivable.
Divvy has opened its digital application to customers and non-customers alike, and has a dedicated team of professionals trained on the application process walking small business owners through the system, free of charge.