Where Should My Small Business Apply for PPP Funding?

More than 5,000 Paycheck Protection Program (PPP) lending organizations are available countrywide, including big banks, smaller local credit unions, and online fintech companies. 

They offer forgivable loans backed by the U.S. Small Business Administration (SBA) to help businesses affected by the COVID-19 crisis keep employees on their payrolls. 

Despite the range of lender options, many small business owners feel they don’t qualify or are confused by the PPP application process. Thankfully, Revenued’s six-step online application platform, helpful tutorials, and personalized customer service will guide you through the process to cut down on the time it takes you to apply. 

Start to Finish Guidance for Businesses

With larger banks, you may fill out your PPP application, submit the supporting documents you surmise that they’ll need, and hope for the best. Do you have a direct phone number or email address to follow up on your application? Can you talk to an actual person if you have questions?

If the answers are no, you’re left hoping and waiting.

That’s not how Revenued works. Our goal is to help you get your PPP application approved as rapidly as possible so you can cover:

  • Rent or mortgage
  • Payroll costs
  • Utilities
  • Other eligible expenses

With Revenued, you’re not alone. We offer personalized resources to direct you through each step of the process.

Online Application Tutorials

Days before the second round of PPP funding went into effect, the SBA issued stringent guidelines to curtail the fraud and unfairness that occurred in 2020.

An informal survey conducted by Revenued showed that despite this admirable goal, the new guidelines led to confusion among applicants. After reaching out to more than 200 company owners who left the application unfinished, they discovered that:

  • 17% thought it would take more time than they had to finalize the application.
  • 22% thought they would be ineligible to apply for PPP funding through Revenued.
  • 33% started an application with another lender.
  • 40% believed they didn’t have the required documentation or were confused as to what was needed.

To offset these concerns, Revenued introduced:

The results?

A 25% upsurge in completed PPP applications.

Documentation Assistance for Borrowers

The 2021 guidelines made it challenging for borrowers to decipher which documentation may be required.

This time around, firm owners needed to produce:

  • A voided check
  • Bank statements
  • Tax forms (A 2020 filing or a 2021 draft.)

Having clean, correct, easy-to-read paperwork is paramount to a quickly processed application. This is because errors may need manual underwriting, a process that can lead to lengthy delays.

To save you precious time, our PPP experts will peruse your documents before submitting them to make sure you have exactly what you need.

One-On-One PPP Consultation

Regardless of your business size or how much PPP funding you need, we offer an individualized one-on-one consultation with a PPP funding specialist if you’re unable to complete the full application on your own using our automation software.

During this 15-minute meeting, your Revenued representative will talk over your unique situation and help answer any questions you have. He or she will discuss the documents you need and walk you through the application process so that you’ll know exactly what to expect.

Note: Due to a high volume of appointments scheduled, our consultation service is currently unavailable. We plan on offering this service again shortly. In the meantime, please contact us via email with any questions you have regarding your application and a member of our expert PPP team will be happy to assist.

Faster Approval Through Automation

Revenued’s automated underwriting software instantly analyzes your bank statements and moves your application through the PPP pipeline faster than other lenders. We can process your application from beginning to end in minutes rather than the days it may take a manual underwriter.

The only limiting factor to Revenued’s software is the quality of documents that you submit. To be sure our automated system can process your application without snags, ensure your documents are:

  • The correct documents for your business type and loan size.
  • Stacked in the right order.
  • Legible so that our software can accurately process the information.

If the documents can be read and are the correct ones, most of it flows through in about 10 minutes. 

What if I Already Applied with Another Lender?

Thanks to our personalized guidance, automated processing, and non-preferential underwriting, Revenued is the clear choice for your small business PPP loan application.

But if you’re still unsure, or you’ve applied with another lender, it’s not too late. You aren’t limited to one Paycheck Protection Program funding application. The SBA allows firm owners to apply for multiple loans simultaneously. This will enable you to benefit from the lender who can process and approve your application first.

Give Revenued the chance to prove how our personal guidance matched with cutting-edge underwriting software can make the difference in getting you approved for PPP funds today.

Apply for Paycheck Protection Program Funding with Revenued

Whether you are a first-time applicant or a borrower looking for a second-draw loan, Revenued understands your urgency and is here to answer your questions.

Call Revenued at (855) 943-5363 or go to our PPP loan application page and start your request today!

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