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Partnership with Veem to Access SBA Paycheck Protection Program Loan

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Community Manager
Lena E Community Manager Member Since: Apr 7, 2015
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In light of the COVID-19 pandemic, the US Small Business Association (SBA) has recently introduced a Paycheck Protection Program (PPP) which affords forgivable loans to small businesses in the US to pay their employees during the COVID-19 crisis. 

 

Small businesses, including sole proprietors, independent contractors, and self-employed persons are eligible to apply. Still, finding someone to speak to about qualifying for government assistance through banks has led people into long waiting queues and spiraling internet searches. Once deciding to apply, navigating through the application processes for government relief assistance loans can also be confusing. 

 

To help US-based talent and clients apply for the SBA Paycheck Protection Program, Upwork has partnered with global payments platform, Veem.  

 

Veem has joined with several partners to give you have a better chance of getting your application submitted early, with less waiting time, and with a more streamlined and guided approach to submit your application. Visit the Upwork/Veem partner page to start your application. 

 

Veem’s multi-lingual team is available 24/7 to answer questions as you prepare to complete your application - just email sbahelp@veem.com. After completing your application, you should receive a confirmation email from Veem with a link to your application status within 72 hours of your submission. We will not be able to view the status of your application on our end, so please follow up with Veem if you have any questions.

 

We’ve addressed some of your anticipated questions below. You can also find more information about financial resources on our COVID-19 resource page.

 

Who Can Apply?

The following entities affected by Coronavirus (COVID-19) may be eligible:

 

  • Any small business concern that meets SBA’s 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 fewer than 500 per location

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

 

 

Can you tell me more about loan forgiveness?

According to PPP, 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 workers and maintaining pay levels. Forgiveness will be reduced if full-time headcount declines, or if pay decreases.

 

 

Why should I apply through Veem instead of my bank?

While there is no technical difference between the PPP loan that you can apply through Veem and your bank, Veem has joined with several partners to give you a better chance of getting your application submitted early, with less waiting time and a more streamlined process to submission of your application.

 

 

Why is Upwork partnering with Veem?

Upwork is doing this to help out both clients and talent on our platform during a turbulent time across the United States.



 

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

Unfortunately, Veem’s banking partner has confirmed that they are not accepting applications from businesses that aren't owned by US citizens. However, there is language in the legislation indicating that the loans should be available to non-US owned businesses if they operate in the US and employ US citizens. We recommend checking with other institutions processing PPP, as they may be able to process your request.

 

 

What is the status of my application?

We are not able to view the status of your application on our end, but you should receive a confirmation email from Veem 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.

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Community Guru
Mary W Member Since: Nov 10, 2014
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Excellent.

 

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