Is Veem currently accepting applications?
- Veem is currently accepting applications by leveraging our relationships with multiple funding partners.
- You can sign up for updates on our Veem SBA Loan page here
Why should I apply through Veem instead of my bank?
- While there is no technical difference between the PPP loan that you can apply through Veem and your bank, Veem has joined with several partners to ensure that you have a better chance of getting your application submitted early, with less waiting time and a more streamlined process to submission of your application.
Why is Veem doing this?
- Veem is doing this to help out both new and existing customers during a turbulent time across the United States.
I received an email to submit my application again through another processor. Is this legitimate?
- Veem has partnered with multiple institutions to make sure as many of our customers can submit their applications as possible. For some of our applicants, we have rerouted applications to provide a faster response time to some of our other partners.
What is the current status of my application?
- If your application was approved under the initial round of the SBA’s PPP funding, you would have received an email from CRB with signature instructions.
- If you have not received a message from the CRB, you will receive an update from Cross River Bank within the coming days regarding the current status of your application. Please keep a careful eye out for this message, as it will identify if any additional information is needed before your application package can be finalized for SBA submission.
- Veem, along with our bank partners, will continue to monitor the program as it changes. As of now, commentators suggest the program will receive additional funding soon and Cross River Bank is prepared to continue making submissions to the SBA. We will continue to assist businesses in this process and communicate updates as we know them in this fast-changing environment.
If I have submitted an application with a different bank, can I still apply through Veem?
- The laws surrounding the Act state that each business can only get one PPP loan. There may be complications if 2 separate loans are sent to the SBA that may affect approvals. We recommend consulting with your CPA prior to applying.
Can I edit or update my information after I submit my application?
- Unfortunately, once you have submitted your application, you will not be able to change any information. Make sure that you gather all of the relevant information for your application prior to visiting your link. For information about what is required, check out the Veem Application landing page here
Do I count contractors as employees?
- Since contractors are able to apply for their own PPP loan, they cannot be counted as employees in your PPP application.
How can contractors apply for PPP?
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Please stay tuned to Veem and we will update our followers on our social media pages.
What if I don’t have one of the payroll documents required?
- We are advising applicants to substitute the following:
- For Businesses: Forms 940, 944, W3, or quarterly 941 reports
- For self-employed / individual contractors, 2019 IRS Form 1040-C
- Self-employed / IC - 1099-MISC
- If none of the above apply, upload an explanation for why these are missing
- If you use a PEO: payroll documentation provided by the payroll provider will be considered acceptable PPP loan payroll documentation. Form 941 is best; otherwise, the eligible borrower should obtain a statement from the payroll provider documenting the amount of wages and payroll taxes
Is there a limit to the size of loan I can apply for through this program?
- Our bank partner is currently prioritizing loans under $2 million
- For larger loans, please contact us directly at firstname.lastname@example.org
- Loans are available for up to 10 million
I don’t have a voided check to submit for my application
- A bank statement with the bank account number from the account that the funds will be disbursed to, that includes the applicant's name, and the account number.
Can I apply for PPP if I am not a US citizen, but my business is located in the United States
- Unfortunately our banking partner has confirmed that they are not accepting applications from businesses that aren't owned by US citizens. However, there is language in the legislation indicating that the loans should be available to non-US owned businesses if they operate in the US and employ US citizens. We recommend checking with other institutions processing PPP, as they may be processing applications be able to process your request.
What is the status of my application?
- We are not able to view the status of your application on our end, but you should receive an email within a couple of days after your submission. This will link to the status of your application and you will receive a checkout email once it has been approved.
I finished my application but have not received a confirmation email.
- It may take up to 72 hours to receive the confirmation email from CRB after you have submitted your initial application. If you haven't received it within that time frame, please check your spam folder first. The email will come from email@example.com and the title of the email is "Your Paycheck Protection Program”.
How long does the process take?
- Our partner expects approvals within 5-7 days and funds to be distributed in 3-5 business days after that, depending on volume, loan size and complexity.
Do I need to open an account with Cross River Bank in order to get approved?
- You do not need a Cross River bank account to receive your loan.
When can I apply?
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
The calculator does not compute the numbers?
- The calculator will only compute the numbers if you have filled all the fields, including 5 legal acknowledgements - please double check it.
Is there anything different if I am applying as a contractor?
- Contractors and sole proprietors can apply for the SBA loan through the same link on the Veem website and complete the same application.
- When signing up, you can use your personal bank account instead of a business bank account.
- You can also submit 2019 IRS Form 1040-C or a 1099-MISC instead of the request payroll documentation.
What should I do if I use a PEO?
- Payroll documentation provided by the payroll provider will be considered acceptable PPP loan payroll documentation. Form 941 is best; otherwise, the eligible borrower should obtain a statement from the payroll provider documenting the amount of wages and payroll taxes
My session was ended before completing my application, what do I do?
- If your session is timed out, you will receive an email from the bank with a link to continue from where you left off. If you’re having trouble accessing the link please contact firstname.lastname@example.org.
Will there be a credit check on who I list as owners on the PPP application? Is there a guarantee signature required from the owner?
- There is no personal guarantee but our banking partners do a credit check as part of their identity verification / anti-fraud process
How much of my loan will be forgiven?
- You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
How can I request loan forgiveness?
- You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations.
- You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.
Where can I start applying for loan forgiveness?
- You can start the process of applying for loan forgiveness on the SBA's application page here
Who do I contact for more information?
- If you are having an error during your application process, please reach out to email@example.com.
- If you have more questions about the program as a whole, please reach out our SBA specialists at firstname.lastname@example.org