The SBA has announced that the Paycheck Protection Program (PPP) will be open to all lenders, including Verve, beginning Tuesday, January 19, 2021. The SBA is allowing smaller lenders, with or without a CDFI or MDI designation, to start processing applications on Friday, January 15, 2021 (this does not include Verve). For a full list of lenders, please visit SBA PPP Website.
- The SBA will be taking more time to review loan submissions in an effort to identify and prevent fraud, which means it will take longer than in the previous round to receive an approval once the loan is submitted to the SBA. No time frame has been given, but based on initial SBA guidance, we believe it could range anywhere from 2 days to 2 weeks.
- The SBA has released two separate applications. Please be sure to use the correct application for your business.
- If your business did NOT receive funding during the original PPP program offered in 2020, your business will now apply for what is referred to as a PPP First Draw loan, which is subject to the rules established for the first round of funding.
- If your business did receive funding in the first round of the PPP program in 2020, and you have used all of those funds, or will use all of the funds by the time you receive additional funds, you will be applying for what is referred to as a PPP Second Draw loan.
- If applying for a PPP Second Draw loan you will need to have the SBA loan number from your previous loan, as well as the exact dollar amount of the prior loan.
- For additional details please visit the SBA’s PPP page at: Paycheck Protection Program (sba.gov)
For members that applied for first-round funding through Kabbage
Verve is not partnering with Kabbage for the second round of PPP funding, but Kabbage is planning to offer PPP First & Second Draw loans through K Servicing. Members that currently have a PPP loan with Kabbage should receive an email from Kabbage with information about the Second Draw loan. The SBA is allowing for a possible streamlined process if you go through the same lender that provided the first round of funding for your business. If interested, please visit Kabbage.com for additional information, or log in to your Kabbage account.
For members that would like to work directly with Verve for second-round funding
For members that did not go through Kabbage for the first round last year, or would prefer to not work with Kabbage for a First or Second Draw loan, Verve will be providing PPP loans directly for the second round. Please be aware that the streamlined option will not be available if your original loan was done through Kabbage.
Applications will be accepted from members that have had an existing Verve business account opened prior to January 1, 2021. If you are currently a Business Member and would like to apply for a First or Second Draw PPP loan through Verve, please fill in the information below and we will email you a link to our online application. Applications will only be accepted via our online application.