Divvy has teamed up with trusted partner Lendio to help create a streamlined process for small businesses to apply for their PPP loans through their network of lenders. Applications are now open.
What can I use PPP loan funds for?
Small businesses and nonprofits with 500 or fewer employees are eligible to apply for PPP loans. In addition, sole proprietors, 1099 independent contractors, and self-employed individuals can apply through the Divvy portal.
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
For a complete list, please visit the official CARES Act page.
What to do today
Step 1: 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.
*Note that a bank statement will not suffice for proof of payroll & operations
Step 2: Start your application
Questions? Check out our SBA PPP Loan FAQs.