US Small Business Administration

Paycheck Protection Program (PPP)

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide emergency relief for those disrupted by COVID-19. Under the CARES Act, Congress established the Paycheck Protection Program (PPP) to specifically address the economic difficulties small to medium-sized businesses have incurred during this period. As a trusted community bank and preferred SBA lending partner, Cross River is continuing to facilitate this relief.

We are currently accepting applications during the Paycheck Protection Program extension and are working diligently to process received applications under the guidance of the SBA. Prospective applicants should apply as soon as possible and no later than 11:59 pm Eastern Daylight Time on August 8, 2020.

Additional information about the CARES Act and Paycheck Protection Program is available from the US Department of the Treasury and US Small Business Administration (SBA).

You can also read the FAQ below.

Program Highlights

Amount

Up to $10 million* for payroll, rent, mortgage interest, or utilities.

*Cross River is currently only accepting loans up to $2 million.

Terms

1% annual percentage rate with maturity of 5 years and first payment deferred for 6 months. No fees.

Availability

Retroactive from February 15, 2020 through August 8, 2020.

Forgiveness

Up to 100% if proceeds used for designated expenses while maintaining salaries and headcount for the covered period.

Collateral

No collateral or personal guarantees are required.

Eligibility

Most businesses and nonprofits with 500 or fewer employees as prescribed by the SBA (employee count exceptions may apply).

Accepting applications starting April 3, 2020. All terms subject to change based on latest updates from the US Small Business Administration.

FAQ

Terms and conditions in these FAQs are subject to change based on updates from the US Small Business Administration.

The Paycheck Protection Program (PPP) is a US Small Business Administration (SBA) loan designed to help businesses maintain their workforce during the Coronavirus (COVID-19) crisis. PPP was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. PPP loans will be fully forgiven if certain conditions are met.

If you received your PPP loan directly through Cross River Bank or through one of our partners other than Intuit or Kabbage, we have partnered with Scratch to provide you with forgiveness information and support. Scratch will provide tracking and forgiveness details directly. Visit Scratch here.

If you received your PPP loan through Intuit QuickBooks, please log in to your QuickBooks account for the latest status or to chat with an Intuit agent.

If you received your PPP loan through Kabbage, please contact Kabbage for support. Please call Kabbage at 888-986-8263 or send an email.

No, Cross River is unable to process additional loan modifications. All funding received will be treated as payments towards the existing loan.

The PPP is available retroactive from February 15, 2020 (so employers can rehire their recently laid-off employees) through August 8, 2020, or until the funds made available for the Program are exhausted. Applications from small businesses and sole proprietorships will begin processing on April 3, 2020, while applications from independent contractors and self-employed individuals will begin processing on April 10, 2020.

PPP loans are generally available to all businesses and nonprofits with fewer than 500 employees. The SBA’s size standards allow for businesses in certain industries to be eligible while employing more than 500 employees. Businesses in the hospitality and food industries may be eligible at the store level. Please speak with a Cross River Bank representative to determine your eligibility.

PPP loans are unsecured. No collateral or personal guarantees are required.

PPP loans may be fully forgiven if at least 60% of funds are used for payroll costs and the remaining funds are used for designated business operating expenses, including interest on mortgages, rent, and utilities, within 24 weeks following the date of loan origination. The level of forgiveness will be reduced if full-time headcount or salaries and wages decrease. Please speak with a Cross River Bank representative to determine what your organization can categorize as payroll costs as defined under the PPP.

No, businesses can receive only one Paycheck Protection Program loan, even though the Program has been extended.

Eligible organizations may qualify for a loan amount equivalent to eight weeks of prior average payroll plus an additional 25%, up to a maximum of $10 million. Payroll costs will be capped at $100,000 annualized for each employee. Please speak with a Cross River Bank representative to calculate your average payroll as defined under the PPP.

PPP loans have a 1.0% annual percentage rate and maturity of five years. There are no fees associated with PPP. The first payment is deferred for six months.

Yes. If you received an EIDL from January 31, 2020 through April 3, 2020 not used for payroll costs, the EIDL does not affect your PPP eligibility. If you received an EIDL from January 31, 2020 through April 3, 2020 used for payroll costs, the PPP loan will be used to refinance the EIDL. If you took an advance up to $10,000 on the EIDL, that amount will be deducted from the forgiveness amount of the PPP loan. While EIDL is only available directly through the SBA, a Cross River Bank representative can help you determine which resources are available to meet your needs.

You can complete your application at www.crossriver.com/PPP. Cross River Bank representatives are ready to walk you through the process.

Applications for the Paycheck Protection Program must be submitted through a qualified, participating financial institution. As an SBA Preferred Lender, Cross River is well equipped to provide expert guidance and walk you through the process. Cross River was established in 2008 in the aftermath of the financial crisis with the goal of providing financial resources to businesses and consumers in need. Cross River combines the trust and reliability of a community bank with the cutting edge innovation of a technology company to offer small businesses the banking and technology services they need in the timely fashion they need it.

Cross River Bank assists businesses across the United States.

If you are interested in forgiveness information and have received your PPP loan directly through Cross River Bank or through one of our partners other than Intuit or Kabbage, we have partnered with Scratch to provide you with forgiveness information and support. Scratch will provide tracking and forgiveness details directly. Visit Scratch here.

If you are interested in forgiveness information and have received your PPP loan through Intuit QuickBooks, please log in to your QuickBooks account for the latest status or to chat with an Intuit agent.

If you are interested in forgiveness information and have received your PPP loan through Kabbage, please contact Kabbage for support. Please call Kabbage at 888-986-8263 or send an email.

For other inquiries, please visit the PPP Contact Page for information on how to get in touch.

We understand you have a question about having received both an Economic Injury Disaster Loan (EIDL) and a Paycheck Protection Program (PPP) loan. Below is the most recent guidance we have received.

Borrowers may receive both EIDL and PPP funds as long as the funds are not being used for the same purpose. If you planned to use both for payroll, please contact the SBA's Disaster Loan Customer Service at disasterloancustomerservice@sba.gov, who can help you determine if you need to return the EIDL funds.

If you received an EIDL Advance (up to $10,000), that amount will be deducted from the forgivable portion of your PPP. It is assumed because the Advance is forgivable (i.e. a "grant"), the Advance amount will be subtracted from the forgivable portion of the PPP. Since we are still waiting on SBA guidance for how this will work, you will want to keep the EIDL Advance on hand for now to pay off the portion of his PPP that will not be forgiven. However, at this time, we are not recommending you attempt to return the funds.

We hope you find this information useful. If you have additional questions about the EIDL Program, we recommend contacting the SBA's Disaster Loan Customer Service. If you have questions about your PPP loan, don't hesitate to reach back out.

Cross River continues to provide responsible access to credit for businesses in need.

Born in the aftermath of the 2008 financial crisis, Cross River was established with the goal of providing financial resources to businesses and consumers in need.

Cross River combines the trust and reliability of a community bank with the cutting edge innovation of a technology company to offer small businesses the banking and technology services they need in the timely fashion they need it.

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