PPP FAQs

About our PPP Program

Who is GlossGenius? We're a company that's been dedicated to serving small businesses for years. We provide the business and payment technology tools that every small business needs to run their business successfully.

What partner bank does GlossGenius work with? GlossGenius partnered with an SBA approved lender, Cross River Bank to help small businesses get the PPP loan quickly. Cross River Bank is a Member of FDIC.

Do I need to be a GlossGenius or Cross River customer? Everyone is free to apply! We saw small businesses around the country struggle to get PPP loans and decided to step in to help any small business get a PPP loan quickly & easily.

Why did this PPP become available? The PPP is a government aid program to help small businesses, sole proprietors and independent contractors cover their payroll + other business expenses during COVID-19. You can qualify for the PPP even if you're a sole proprietor/independent contractor with no employees.

The PPP loan is also 100% forgivable (meaning you don't need to pay it back) as long as you meet the criteria below:

  • Within 8 weeks of receiving the loan, you use at least 75% of it for qualifying payroll expenses
  • The remainder is used on expenses like rent, mortgage interest, group healthcare, utilities or interest payments on debt obligations incurred before February 15, 2020
  • You don't layoff any employees. If you've let any employees go, you must rehire them back by June 30, 2020
  • Your total payroll expenses for employees making less than $100,000 annually does not decrease by more than 25% for each employee

You can still receive & use the PPP even if you don't meet all the criteria, but it will reduce the amount you don't need to pay back. You can see full terms for loan forgiveness here.

Is there someone that can answer my questions? Yes, unlike other banks we are offering personalized customer support to anyone with PPP questions. You'll get to connect with a real person who can walk you through the application process, step-by-step. Just email us support@glossgenius.com or call/text 1-888-979-7864.

Is this PPP process fast? Yes, our lender is a tech-forward bank that can process your application quickly.

Is this PPP process easy? Yes! Many small businesses have applied for the PPP through us because of the ease of our application process. We also have a dedicated customer support team ready to walk you through the application process, step-by-step. Just email us support@glossgenius.com or call/text 1-888-979-7864.

Eligibility

Can I still apply for the PPP if I don’t have any employees? Yes, you can still apply for the PPP. Even if you’re a sole proprietor, independent contractor, or self-employed, and have no employees, you can apply. Your own net earnings count as qualifying payroll costs, which you can find on your 2019 Form 1040-C.

Do I need to have an EIN or be a registered company? You do not need an EIN or to be a registered company to apply - the PPP is open to almost every small business. You can be an independent contractor, self-employed or sole proprietor and still qualify for the PPP loan. If you do not have an EIN, you can use your SSN when applying for the application. 

Updated guidance from the SBA (04/14): Even if you haven't submitted your taxes to the IRS yet, you must prepare and submit a completed 2019 1040-C as supporting documentation with your loan application.

I wasn’t in operations for all of 2019, can I still apply for the PPP? Yes, you can apply for the PPP. If you were only in operations for part of 2019, you should use your payroll costs for January + February 2020 combined to calculate your average monthly payroll costs, or your last 12 months of payroll (if you've been in operations for 12 months).

I have only been in operations since 2020, can I still apply for the PPP? If you were in operations as of February 15, 2020 you can apply for the PPP. You should use your payroll costs for January + February 2020 combined to calculate your average monthly payroll costs.

Loan Documentation

What if I haven’t filed my 2019 taxes yet? You can still apply for the PPP! If you're a sole priority/independent contractor/self-employed, you must fill out the 2019 Form 1040-C even if you haven't submitted it to the IRS yet. If you're a business that issues forms 940/941 or W-2, you must submit these documents to prove 2019 payroll costs.

Can I use my 2018 tax return? You can still apply for the PPP, but you must prove 2019 payroll costs. If you're a sole priority/independent contractor/self-employed, you must prepare a completed draft of the 2019 1040-C even if you haven't submitted it to the IRS yet. If you're a business that issues forms 940/941 or W-2, you must submit these documents to prove 2019 payroll costs.

What documentation can I use to prove my payroll costs? Depending on your type of business, you can use your 2019 Form 940/941, 1040-C, K-1, tax returns or W-2 statements (if you issue them).

Loan Forgiveness

What does it mean if your PPP loan is forgiven? It means you don’t need to pay it back, as long as you meet the following criteria:

  • Within 8 weeks of receiving the loan, you use at least 75% of it for qualifying payroll expenses
  • The remainder is used on expenses like rent, mortgage interest, group healthcare, utilities or interest payments on debt obligations incurred before February 15, 2020
  • You don't layoff any employees. If you've let any employees go, you must rehire them back by June 30, 2020
  • Your total payroll expenses for employees making less than $100,000 annually does not decrease by more than 25% for each employee

You can still receive & use the PPP even if you don't meet all the criteria, but it will reduce the amount that you don't need to pay back. You can see full terms for loan forgiveness here.

Updated guidance from the SBA (04/14): Loan forgiveness for sole proprietors, independent contractors and self-employed people is capped at 8 weeks of 2019 net profit, found on your 2019 Form 1040-C.

To get my loan forgiven, how can I prove I used 75% of the loan for payroll? The SBA has not provided specific guidance on documentation just yet, but it’s important to keep records like payroll records and bank statements for proof. Even if you’re a sole proprietor/independent contractor, your net earnings count as payroll costs! Our lender, Cross River Bank will provide more guidance closer to 06/30/20.

If I’m an independent contractor, self-employed, or a sole proprietor, how do I prove I used the money for payroll? Even if you’re a sole proprietor/independent contractor, your net earnings count as payroll costs. The SBA has not provided specific guidance on what documentation you need to prove you used the money for payroll, but it’s important to keep all records like bank statements and other important records. Our lender, Cross River Bank will provide more guidance closer to 06/30/20.

If my business is closed, how can we hire back our staff so that we can pay payroll? The great thing is that the PPP is meant to cover employee payroll costs. So even if you’re closed, you can re-hire your employees and use the PPP loan to put them back on payroll. 

What if I don’t use the PPP loan for payroll? In order to have your loan forgiven (meaning you don't need to pay it back), you must use it according to the criteria set out by the SBA (an important one being at least 75% used for payroll expenses). However, it is possible to get the PPP and use less than 75% of it for payroll - this will just reduce the amount that is forgiven. The loan terms are still very attractive for most businesses - 1% fixed interest over the life of the 2-year loan. You also don’t need to make any payments for 6 months (but interest will accrue).

Other FAQs

Can you apply for unemployment insurance and the PPP? You cannot receive both unemployment insurance and PPP.

Apply for a PPP now