Disclaimer: Information in the Knowledge Center is owned and managed by Biz2Credit and/or its editorial contributors, and does not necessarily represent the views of its funding partners. The SBA is issuing a significant number of validation requests (also known as error codes) on a high volume of loan applications. When your application status changes to "funded" it means your loan funds have been issued via the ACH system or via wire to the bank account you indicated in your ACH details. Get started by clicking the "review documents" button on your dashboard to select and delete an existing document. Where can businesses look for the updated status of their applications? If you have received an E-Tran number, this means that your application has been accepted by the SBA. Please click on "forgot password" on the login screen to receive a link in your email to reset the password. Our funding team is assisting tens of thousands of business owners every day. What is an E-Tran number? Are they different for different types of businesses? What is the eligibility for first time PPP loan borrowers? Biz2Credit’s phone number is (212) 644-4555 Changes to the application can not be made after the application has been submitted. An SBA number (also known as an E-Tran number) is a reference number issued by the SBA on all accepted loan applications. What is required to apply for a PPP loan with Biz2Credit? Get to know COVID 19 response programs including PPP, Economic Injury Disaster Loan. Biz2credit Telephone Number Health. It should be a 10-digit number and will be shown in your Biz2Credit account on all accepted loan applications. Changes to the application cannot be made after the application has been submitted unless an SBA validation error has occurred. IRS Form 1040 Schedule C businesses with no employees do not need to file their 2019 taxes, but they must complete the form to determine the amount of assistance they may qualify for. If you reduced employment or wages between February 15 and April 26, then you are eligible to avoid a reduction in loan forgiveness by increasing payroll and, or rehiring employees. When one of these errors occurs, you will generally see the message appear on your Biz2Credit dashboard, along with suggested next steps you can take to resolve the error. Reference Period Selection was at your election in your application: Signed into law on December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues Act (Economic Aid Act) extends and expands COVID-19 relief provisions defined in the CARES Act. Ready to fund I do not see a form. Biz2Credit is cooperating with the SBA to combat fraud and improper activity during the Paycheck Protection Program, in accordance with all the requirements assigned to SBA-approved lenders. Franchises and hospitality businesses may apply on a per location basis. Biz2Credit's funding ranges from $25,000–$6 million. Visit www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn. However, if you want to update your application, please reach out to the Biz2Credit help desk at support@biz2credit. PPP Documentation checklist – prepare for your PPP application with. What does the second Paycheck Protection Program (PPP2) mean for restaurants and hotels? When can borrowers apply for PPP loan forgiveness? If you see an action item to add or upload documents on your dashboard, you may need to upload additional documents to support your PPP loan application. Applications for PPP loans close March 31, 2021. (NAICS Code 72) at 3.5 x average monthly payroll costs for second time borrowers, Any business that averages less than 500 employees per physical location that has a NAICS code starting with 72 (accommodation and food services), Increased limit on tax deductible business lunches meant to bring more traffic, or orders, to restaurants. Further, general information provided throughout our website does not necessarily represent the views of our partners. All changes to the application can be made on the Biz2Credit website before submitting. What is the eligibility for second time PPP loan borrowers? What if some employees have salary over $100,000? Compensation of full and part time employees in excess of $100,0000 per year. PPP loans in round two can be received from a lender different than the first round. In this case, the portal will request documents that are specific to your application. So, the terms that we’ll outline below will apply no matter what type of business you run, as long as you are eligible for funding, of course. I have submitted all documents but the status of my application is still "more information needed". How much money can I get from a PPP loan? What is ACH information? Approved PPP loans are governed by definitive documentation of the lender, which incorporate PPP terms and conditions. There is no credit requirement to apply for PPP. How can business owners reset their Biz2Credit password? For example, salary, wage, tip, commission, bonus, and severance pay information will be found in 941s (quarterly federal tax returns). I emailed, called, and even faxed demand letters to have the fraudulent inquiry removed off of my personal credit report. What is required to apply for a PPP loan with Biz2Credit? How do I change the documents that I uploaded? I got approved and funded in less than 10 days. I was extremely happy with my choice to use Biz2Credit as the source for my PPP loan. When making your calculations, keep in mind that payroll costs are capped at $100,000 on an annualized basis for each employee (this only includes cash compensation, not non-cash benefits like retirement contributions). NOT SEEING AN ANSWER TO YOUR QUESTION? PPP loans are provided by banks and other SBA approved lenders. Compensation for contractors or 1099 workers. With the passage of the Economic Aid Act it was expanded up to $806.5 billion of total funding authority. › Get more: Biz2credit ppp contact number Show List Health . Review: Biz2Credit pulled my personal credit report fraudulently. We encourage all customers to speak up if they suspect abuse of the Paycheck Protection Program, using the resources the SBA provides. Has used or will use full amount of first draw funds, Calculated at 2.5x average monthly payroll costs, Seasonal = 12-week period Feb. 15, 2019 through Feb. 15, 2020, New = total payroll divided by # months x 2.5, Can use either 2019 payroll or 12 months prior to application, Restaurants, Hotels, etc. Bank of America has made the largest number of loans (12,353) followed by Cross River Bank (11,207) and fintech Biz2Credit (10,912 through its funding subsidiary, Itria Ventures LLC). What is the Paycheck Protection Program (PPP)? , Payroll costs are calculated as the average from the previous year, to cover up to eight weeks of payroll. Biz2Credit, which also ranks sixth in total amount loaned at $449.7 million, runs the CPA Business Funding Portal with the AICPA and CPA.com. I have made a mistake on my application how can I re-upload my documents? This may differ if you are a seasonal business. Your average payroll costs are calculated as your average monthly payroll costs in the previous calendar year (in this case, 2019). Contact Biz2Credit for information about small business financing, media inquiries, partnerships, licensing our technology, or career opportunities. (First Draw), What is in PPP for Second-time borrowers? Many of these are what is known as 'validation errors' which are basically automatic responses that the SBA issues when an application is submitted. If you have provided all the information and documents, including a signed 2483 form, it is likely that your application is simply being queued for processing in our system. ET, including on Feb. 4. How to change or update an application before, and after, the application is submitted? Apply for PPP online – Get started by completing Biz2Credit’s online application for PPP loans. The maximum loan amount that first time borrowers can get is capped at $10 million. Certain taxes imposed or withheld during the time period, Any compensation of an employee whose principal place of residence is outside the United States, Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116–6 127), Qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act (Public Law 116–12 127). If you are a newly formed business not formed after February 12th, 2020, you will use the average payroll costs between January 1 and February 29th, 2020. I recommend them highly to my friends and family! What is the process for applications after the application has been submitted? The Paycheck Protection Program, or PPP for short, is a unique program launched by the federal government with the aim of keeping workers employed and helping small business owners keep their doors open despite an economic decline due to the COVID-19 crisis. 1099 workers can apply for PPP independently. What is Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues? If you have applied with multiple lenders and would like your application to be funded be one of them that is unable to advance your application further because of duplicate submissions, you must contact the lender whose application has been accepted by the SBA and request that they withdraw it. Here are the basic documents everyone should keep in mind. Biz2Credit’s analysis and resources are subject to change based on the growth of COVID-19 relief efforts. Using the ACH network allows Biz2Credit to direct deposit funds into your business account when the funds become available. Join 200,000+ subscribers to receive the latest updates from Biz2Credit. Your best option is always to upload all required documents in your Biz2Credit account as this will automatically advance your loan application, if possible. Biz2Credit and our funding subsidiary fully support the SBA's efforts and are cooperating with the SBA to combat fraud and improper activity during the Paycheck Protection Program. However, there are no prepayment penalties or fees. Biz2Credit CEO Rohit Arora said in the announcement that the PPP loan forgiveness process is just the beginning of the path to recovery for a number of … Payment for vacation, parental, family, medical, or sick leave; Payment required for the provisions of group health care benefits, including insurance premiums; Payment of State or local tax assessed on the compensation of employees; plus, The sum of payments of any compensation or income that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in 1 year, as prorated for the covered period. Documentation, including IRS forms, must be supplied for the selected reference period. What should I do if I suspect fraud is occurring? This provision allows both first time (first draw) and second time (second draw) PPP borrowers to receive aid. Where can I upload PPP supporting documents? PPP LOANS INFO. The SBA has not yet allowed the processing of Second Draw loan applications for borrowers who received a First Draw loan in 2021. An SBA number (also known as an E-Tran number) is a reference number issued by the SBA on all accepted loan applications. Now your application will go through final verification by members of our funding team. No. Your best option is always to upload all required documents in your Biz2Credit account as this will automatically advance your loan application, if possible. Small Business Checkup – small business economic health analysis provided weekly by Biz2Credit. Repayment Deferral: Repayment of the loan can be deferred for up to 6 months, but interest will accrue over this period. If you have applied for a loan with multiple lenders in the same round, the SBA's system will accept the first valid application that arrives from a lender, and automatically reject subsequent ones. The loan amount field is automatically computed based on the information that you provide. For a complete list of documents needed access the Biz2Credit PPP documentation checklist. Individual and business security is the most important aspect of Biz2Credit’s PPP solutions. Biz2Credit is also ready to help sole proprietors and other businesses that may not have these details. My application has been stuck in Submitted to SBA but what does this mean? 13% off Offer Details: Biz2credit Telephone Number Health.Health Details: Health Details: A new round of the Paycheck Protection Program is here. If you are not seeing the funds in your account at that time, please login to check your dashboard for instructions on what to do next. Biz2Credit is not a lender. For up-to-date information check the COVID-19 Small Business Resource Hub. Salaries, wages, tips, commissions, bonuses, and even severance pay that would be on a W3, Paid family leave or sick leave outside of paid leave through the Families First Coronavirus Response Act (FFCRA) that would be found in 940 or 944 forms, Employee-paid state and local taxes found on a W3, Employee paid retirement and group health benefit contributions, For employees who are abroad and/or make more than $100,000 in a year, provide a W2, Payments made to independent contractors (any issued 1099s), Fringe and ancillary benefits like commuter benefits, health savings accounts (HSAs), and short-term and long-term disability, Compensation for an individual employee past an initial $100,000 annualized salary (or $8,333 per month), Compensation for an employee whose principal place of residence is outside of the United States, Federal employment taxes paid or withheld between February 15th, 2020 and June 30th, 2020, Sick and family leave wages that are covered under the FFCRA. You can apply for a second PPP loan only if your first PPP loan was processed in 2020. This can take 12-36 hours depending on which outstanding requirements you provided. Small businesses with employee count of 500 or fewer, Non-profits – 501(c)(3), 501(c)(19) and 501(c)(6)– with employee count of 500 or fewer, Franchises on a location by location basis. Required documentation can vary based on PPP loan type, SBA requirements and borrower preference. Loan Forgiveness: Though we’ll get into more detail with this later, PPP loans are eligible for total forgiveness if certain conditions are met. Locations with 500 employees or fewer may be eligible for PPP loans. ... What Documents do I need? What if employees have already been laid off? As proof, you need to submit either a voided check or provide a signed letter from your bank on official bank letterhead to confirm your ACH information. Biz2Credit uses a simple application to find multiple pre-approved loan offers for your business. Collateral Requirements: There are no collateral requirements for these loans. Borrowers must use all proceeds from their First Draw PPP loan on eligible expenses before disbursement of a Second Draw PPP loan. (Second Draw). How do I change my bank account details (ACH details)? Once the client's application is accepted by the SBA, the client enters the final verification phase, which may take 10 days depending on how fast the client provides required information. Smartbiz & customersbank are the only people who came through. These errors are reported automatically when an application is submitted into the SBA processing queue. Biz2Credit’s funding subsidiary is the largest provider of approved PPP loans, according to data released by the SBA as of Feb. 21, 2021. Biz2Credit is also ready to help sole proprietors and other businesses that may not have these details. You can visit SBA.gov to report your concerns at any time or by contacting the SBA Inspector General via … The maximum loan amount that second time borrowers can get is capped at $2 million. 13% off Offer Details: 13% off Offer Details: Health Details: Contact Us - Biz2Credit.Health Details: A new round of the Paycheck Protection Program is here.Biz2Credit is giving businesses the chance to apply for this program directly to an SBA-approved lender. How do I calculate my "average payroll costs" for PPP? The maximum loan is calculated according to SBA rules based on the payroll and headcount information that you share with us. SBA guidelines have changed in the past, resulting in changes to the list of documents required. Independent contractors should use all 1099s received for work and back them up with documentation like paid invoices. Biz2Credit is also the company behind the Biz2X Platform. My dashboard displays an error code, what does that mean? When can borrowers apply for PPP loan forgiveness? then approve them then biz2credit say more information needed again. Business owners who are eligible can receive a loan for up to 2.5x the average monthly payroll costs. First Draw Sole Proprietors and Independant Contractors 2019 IRS Form 1040 Schedule C1 ​ 2020 invoice, bank statement or book of record showing business was operating as of 2/15/2020​ Driver's License(s) or other Real ID document (front and back) Sole Proprietors with Employees 2019 IRS Form 1040 Schedule C ​ 2020 IRS Form 941* for Quarter 1 OR Payroll statement covering 2/15/2020 ​ 2019 IRS Form 940* ​ Driver's License(s) or other Real ID document(front and back) LLC (no employees) 2019 IRS Form 1040 Schedule C / 1065 / 1120(S)​ 2020 invoice, bank statement or book of record showing business was operating as of 2/15/2020​ Driver's License(s) or other Real ID document (front and back) LLC (with employees), C-Copr, S-Corp, All Non-Partnerships 2019 IRS Form 940* ​ IRS Form 941* (quarterly payroll tax form) - Latest Quarter​ 2019 business tax returns – only for loans above $150k​ Driver's License(s) or other Real ID document (front and back)​ Non-Profit 2019 IRS Form 990*​ IRS Form 941 (quarterly payroll tax form) - Q1 2020​ Proof for business activity - Latest Bank statements​ Driver's License(s) or other Real ID document (front and back) Farmers and Ranchers 2019 IRS Form 1040 Schedule F​ IRS Form 940 and IRS Form 943​ (if applicable/have employees) Proof for business activity - 2020 Q1​ Driver's License(s) or other Real ID document (front and back)​ Second Draw  Annual Reduction:​ Annual IRS Income Tax Filings (required for annual reduction)​ Quarterly Reduction:​ Quarterly Financial Statements ​ Quarterly or Monthly Bank Statements ​ Accounting Software Summary Report​ Credit Card Receipts​ Sales Receipts. what’s next? I have applied for a PPP loan with two lenders, how will SBA handle duplicate applications? Biz2X is the leading digital lending platform, enabling financial providers to power growth with a modern omni-channel experience and best-in-class risk tools. There are a number of payroll costs that aren’t eligible through the PPP. We’ve touched on a few already, but we’ll list them out here for clarity: According to the Small Business Administration (SBA), the loan terms that apply to PPP funding are the “same for everyone”. What types of businesses may be eligible for PPP loans? Please contact support@biz2credit.com with any request for a change in bank account details that is required following signature on your loan agreement. What is the process for applications after the application has been submitted? If you have trouble logging into your account, use the "forgot password" option from the login page. This can take about 72 hours or 2 business days until you are able to see the funds in your account. When one of these errors occurs, you will generally see the message appear on your Biz2Credit dashboard, along with suggested next steps you can take to resolve the error. State and local tax information could be found in state returns or monthly payroll statements. My Funding Specialist is not responding to me - what can I do to advance my loan application? Using the platform, borrowers can apply for first draw, second draw, and sole proprietor loans. Please note, SBA grants borrowers a deferral period of up to 10 months starting at the end of the covered period. What is required to apply for a PPP loan with Biz2Credit? Send your question or issue to support@biz2credit.com for fast assistance from our friendly tech team! Personal Guarantees: There are no personal guarantee requirements for these loans. All rights reserved. What are the loan terms? You can modify a supporting document you’ve uploaded into your application at any time by accessing the documents page in your Biz2Credit account and clicking edit on the document in question. If by the end of the deferral period the borrower has not applied for forgiveness, or the full amount of the loan was not forgiven, then the borrower will need to repay any remaining balance on the loan. A first PPP loan with Biz2Credit this can take about 72 hours or 2 days. Application Overview page, or from your dashboard will show an action 'Add. As the source for my PPP loan only if your application is submitted to have fraudulent... A link in your email to reset the password no response that I uploaded become available the level. Clicking “ forgot password '' option from the login screen to receive loan! 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