**Veem SBA PPP Loans

Who can apply?

Thanks for your question. The following U.S.-based entities affected by Coronavirus (COVID-19) may be eligible:

• Any small business that meets the Small Business Administration’s (SBA) size standards (either the industry-based sized standard or the alternative-size standard)

• Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:

• 500 employees, or

• That meets the SBA industry-size standard if more than 500

• Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

• Sole proprietors, independent contractors, and self-employed persons

To learn more and apply, click here. 

What is the interest rate and maturity?

Thanks for your question. This loan has a maturity of 2 years and an interest rate of 1%.

Who can I contact for help with the application or have additional questions?

Thanks for your question. Veem’s multilingual team is available 24/7 to answer questions as you prepare to complete your application at sbahelp@veem.com. 

If you get an error message during the application process, please reach out to ppp@kabbage.com. 

Can you tell me more about loan forgiveness?

Thanks for your question. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. To learn more and apply, click here. 

Why should I apply through Veem instead of my bank?

Thanks for reaching out. While there is no technical difference between the PPP loan that you can apply for through Veem and the one offered by your bank, Veem has joined with several partners to ensure that you have a better chance of getting your application submitted early, with less wait time and a more streamlined process. To learn more and apply, click here. 

Why is Upwork partnering with Veem?

Thanks for your question. Upwork is doing this to help out both clients and talent on our platform during a turbulent time.

I've read that there is no more money for the SBA. Why would I bother applying?

Thanks for reaching out. Veem, along with their banking partners, is monitoring the program and other commentators are suggesting that the program will receive additional funding.  The SBA is continuing to accept and prepare applications for submission in the event of this outcome. To learn more and apply, click here. 

Do I count contractors as employees?

Thanks for your question. Since contractors are able to apply for their own PPP loan, they cannot be counted as employees in your PPP application. To learn more and apply, click here. 

Is there a limit to the size of loan I can apply for through this program?

Thanks for your question. Veem’s banking partner is currently prioritizing loans under $2 million. For larger loans (up to $10 million), please contact sbahelp@veem.com.

Can I apply for PPP if I am not a U.S. citizen, but my business is located in the United States?

Thanks for reaching out. Unfortunately, Veem’s banking partner has confirmed that they are not accepting applications from businesses that aren't owned by U.S. citizens. However, there is language in the legislation indicating that the loans should be available to non-U.S.-owned businesses if they operate in the U.S. and employ U.S. citizens. While Veem cannot accept these applications, you may wish to check with other banks and institutions to see if they do.

What is the status of my application?

Thanks for reaching out. We are not able to view the status of your application on our end, but you should receive a confirmation email within 72 hours of your submission. This will link to the status of your application and you will receive a checkout email once it has been approved.

When can I apply?

Thanks for your question. As of April 3, 2020, small businesses and sole proprietorships could apply for and receive loans to cover their payroll and other certain expenses through existing Small Business Administration (SBA) lenders.  

As of April 10, 2020, independent contractors and self-employed individuals could apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. 

Is there anything different if I am applying as a contractor?

Thanks for your question. 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 requested payroll documentation.

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?

Thanks for reaching out. There is no guarantee signature required but Veem’s banking partners will do a credit check as part of their identity verification / anti-fraud process.

How much of my loan will be forgiven?

Thanks for your question. 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 utility payments for 8 weeks after getting the loan. Due to the likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.