LEHI, Utah, April 8, 2020 /PRNewswire/ -- Divvy, the leader in spend and expense management, today announced the immediate availability of its 100%-digital application for SBA-backed Paycheck Protection Program (PPP) loans, through its partnership with Cross River Bank (CRB).
"This is the fastest, easiest solution for PPP applications available today, because it all takes place online," said Sterling Snow, Senior Vice President of Revenue at Divvy. "We're seeing customers take their applications from start to finish in 15 minutes."
Divvy partnered with Cross River Bank due to CRB's tech-first approach—many other banks have been processing applications on paper.
In the first five hours of accepting applications, Divvy processed over $800 million of loan requests. For small businesses struggling to keep the lights on or retain employees during the COVID-19 crisis, speed to funding is the top priority.
"Cross River Bank has been an incredible partner," said Snow. "Since the PPP program is first come, first serve, we knew we'd need a banking partner who could process lots of loans quickly, without applications getting stuck. And CRB has done just that."
PPP loans are issued by banks and backed by the SBA, so they require no collateral and no personal guarantees. PPP loans offer businesses affected by COVID-19 up to 2.5x their average monthly payroll costs—and in many cases, are 100% forgivable.
Divvy has opened its digital application to customers and non-customers alike, and has a dedicated team of professionals trained on the application process walking small business owners through the system, free of charge.
Divvy modernizes finance for business by streamlining expense management and eliminating expense reports. With Divvy, businesses can make one-time or recurring payments using integrated virtual and physical corporate credit cards—each tied to dynamic limits controlled by centrally-managed budgets. Divvy gives financial leaders real-time visibility and control of companywide spending through elegant and powerful web and mobile apps. Learn more at www.getdivvy.com.