Under the CARES Act, small businesses can receive up to $10M through the SBA Paycheck Protection Program. ZipBooks trusts Divvy to assist you through the application process—so you can get funding even faster.
Divvy is the No. 1 corporate card and expense management platform. We’ve partnered with Cross River Bank, a technology-forward lender, so that you can submit your PPP application entirely online.
Plus, with Divvy, you get a trained rep to guide you through the application process—from preparing required documents to getting your loan serviced in days, not weeks.
What can I use PPP loan funds for?
The primary purpose of PPP loans is to help businesses retain their existing staff. Businesses who use the funds to do this may be eligible for a 100% forgiveness incentive.
The funds can be used for expenses such as:
- Payroll costs, including benefits
- Interest on mortgage obligations, incurred before February 15, 2020
- Rent, under lease agreements in force before February 15, 2020
- Utilities, for which service began before February 15, 2020.
For a complete breakdown of PPP loans, please go here.
What to do today.
Fill out the above form to get started on your application. We’ll follow up to walk you through the process.
Gather required information
You will need payroll tax forms (i.e. Forms 940 and/or 941) from January 1, 2019 to the most current filing. Note: You will need to be able to identify any employees paid over $100K.
If you are a 1099 employee, you can still submit an application. Use your Social Security Number instead of an EIN on your application.
Gather your tax returns and financial statements for the last two years. If you haven’t been in business that long, all tax returns you have.
1099-Misc (if applicable)
If you have filed form 1099-Misc and are counting contractor compensation as part of your average payroll, you will need to provide this form.
Copies of driver licenses
You’ll need to provide copies of driver licenses for business owners with ownership stakes of 20% or more.
Provide a voided check from the account where the loan will be deposited.
6 months of bank statements
Provide bank statements from your business accounts for the most recent six months of business.
PPP calculator worksheet
Cross River Bank has provided a Paycheck Protection Program calculator worksheet that will help you determine your loan amount. This document is required and can be downloaded here.