- After making a program for individuals to entry their stimulus verify cash extra rapidly in March, billionaire Mark Cuban and bank CEO Jill Castilla are launching a website to assist PPP loan recipients apply for forgiveness.
- The website, ppp.bank, is launching Friday, May 29, at 7:00 p.m. ET.
- The website has automated the SBA’s 11-page PPP loan forgiveness utility and offered supplemental supplies, akin to calculators and a listing of extra kinds your lender requires.
- Ppp.bank is free to make use of, and not one of the accomplice corporations are cashing in on the website.
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Billionaire Mark Cuban and Citizens Bank of Edmond CEO Jill Castilla are at it once more.
In March, the Dallas Mavericks proprietor helped Castilla create a program to offer her clients sooner entry to their stimulus verify cash, and the 2 have since stayed in contact.
Now, they’re launching a website to make the PPP loan forgiveness utility course of easier.
Paycheck Protection Program (PPP) loans are federal loans for small companies and nonprofits which are financially struggling in the course of the coronavirus pandemic.
Business house owners’ PPP loans could also be forgiven in the event that they use the cash for payroll and curiosity on hire, mortgage, and utilities. Businesses can obtain partial forgiveness, however 75% of the forgiven quantity has to go towards payroll to qualify.
But first issues first — individuals need to fill out a PPP loan forgiveness utility. And some are discovering the doc complicated.
You can fill out the PPP loan forgiveness utility on the Small Business Administration’s website, but it surely’s 11 pages and comparatively convoluted. So Cuban wished to make it easier to use.
“It started last week where Mark Cuban emailed me and just said we need to figure out a way to automate this application, because right now it’s more cumbersome to fill out the PDF than the original PPP loan application,” Castilla informed Business Insider.
“Hopefully it becomes simplified through some congressional action,” she continued. “But right now we have this 11-page application that’s really difficult to even understand. And then to go through the process of gathering all the right information, ensuring that you’re calculating everything correctly — is incredibly cumbersome and intimidating, especially for small businesses that lack a financial adviser or maybe don’t have incredibly strong financial acumen.”
As an answer, Cuban and Castilla created ppp.bank, which launches Friday, May 29, at 7:00 p.m. ET.
Through ppp.bank, you reply automated questions, and the website auto-fills the PDF for you. When the shape is full, you submit it to your lender. The website offers a listing of supplemental paperwork you’ll have to give your lender, in addition to useful instruments.
“It includes calculators, it has a worksheet so that the salary information can be provided, and basically everything that’s asked for in the application,” Castilla mentioned. “It’s an easy, fillable way for the small business … or the nonprofit to work through the application online and then have a saveable PDF they could then provide their bank.”
The website is free to make use of, and nobody is cashing in on it
In late March, Cuban posted on Twitter about his need to work with a bank to get clients’ stimulus verify cash to them rapidly, since many wanted cash instantly and checks weren’t scheduled to exit for weeks.
Castilla reached out to Cuban on Twitter, then adopted up with an e-mail. He rapidly responded, and collectively they created an overdraft line for the members of Citizens Bank of Edmond, the place Castilla is CEO. By making use of, clients have been permitted to overdraw their accounts by as much as $900 inside a pair hours, fairly than ready weeks for his or her stimulus checks to reach.
Cuban and Castilla stayed in contact to speak about different concepts to assist individuals by the financial disaster. On Tuesday, May 19, Cuban emailed Castilla to ask her to spearhead this new mission.
She reached out to Arkansas FinTech firm Teslar, which had beforehand constructed a device to assist her bank talk with clients once they utilized for PPP loans — clients acquired automated emails for every step of the method till they acquired their loan. Because she had loved working with Teslar, Castilla requested the corporate to construct the automated utility device for ppp.bank.
Cuban and Castilla additionally partnered with fTLD Registry Services LLC, which offered the registry for a dot-bank website. Dot-bank URLs are restricted to banks, and getting one permitted and arrange is often a multistep course of. Securing a dot-bank URL would talk to candidates that ppp.bank is legit and secure to make use of.
“FTLD was able to give us the ppp.bank URL in record time, within 48 hours,” Castilla mentioned.
“We were mostly concerned about the site being able to handle tens of millions, potentially, small businesses and nonprofits accessing it,” Castilla mentioned. “And so we were able to partner with Mark to get access to Amazon web services, so the site can handle a heavy load.”
The website is free for individuals to make use of. In reality, not one of the accomplice corporations are earning money from creating ppp.bank. FTLD donated the URL. Teslar donated quite a few hours of programming and has promised to proceed updating the website if the federal government makes adjustments to the forgiveness utility. And Cuban has been protecting bills.
“It was all just a service to our country and those small businesses that are really struggling through this COVID-19 crisis,” Castilla mentioned.