Offer Your Customers Paycheck Protection Program (PPP) Loans
Credibly’s platform makes it simple for your institution to start adminstering PPP Loans with our plug and play solution.
The Small Business Administration (SBA) has announced that as of May 4, 2021, no new PPP applications will be accepted. Business owners can only apply for PPP loans from Community Financial Institutions (CFIs). If you’re still in need of a small business loan, please check out this resource to locate the CFI nearest you or learn more about our other small business loan options.
About The CARES Act and PPP Loan Program
As part of the CARES Act, the Paycheck Protection Program provides federally guaranteed loans for up to 250% of an employer’s average monthly payroll (up to $10 million) as America’s small businesses recover from the economic impacts of COVID-19. As a small business advocate, we’re here to help you support them.
- PPP loans are accessible to a larger number of small businesses because they do not require collateral or guarantees.
- Many newer businesses will qualify due to limted eligibility requirements (time in business, revenue, etc.).
- Payroll costs, mortgage interest payments, rent, and utilities incurred or paid by the borrower in the first 8 weeks of the loan term are forgiven, beginning on the origination date.
- Economic Injury Disaster Loans are traditional disaster-relief SBA loans.
- These loans follow a more traditional SBA application process with more requirements and a longer time to fund disbursement.
- Due to the critical need for immediate funding stemming from the COVID-19 pandemic, small businesses can now receive a loan advance up to $10,000 for an EIDL.
Provide COVID-19 Relief Funding, Without Extra Effort
Leverage Credibly’s platform to offer emergency Paycheck Protection Program loans on behalf of your institution. With a secure, fast and automated application, we can help you provide relief funding immediately.
How Credibly’s Platform Works
Your Customers Submit Online
Small business owners use our secure, online platform to apply for their paycheck protection program loan.
We Check For Completeness, Fraud, and Eligibility
We screen for fraud and eligibility, verify ownership and application completeness, and submit your customer’s file so that they can receive funding as soon as possible.
Your Customers Receive Funds
Upon approval from the Small Business Administration your customers receive funds in their connected bank account.
Subject to approval.