Last Update: April 17th, 2020
Update as of April 17, 2020: SBA funds for the initial portion of PPP are now depleted. We are unable to submit new applicants to our bank partners until the program has been replenished by congress. Please check back here as the situation updates.
Please check this page often for updated status
Now Accepting Pre-Applications
PPP is a forgivable loan program that provides short-term cash flow primarily to maintain payroll to businesses affected by COVID-19. The loan does not have to be repaid if requirements are met.
*Pre-application does not affect your credit score
*Disclaimer. This page is intended for informational purposes only and does not constitute legal or business advice. SBA government program stipulations and conditions are subject to change at any time and the information available on this page may be out of date. For company specific advice, please consult a licensed attorney.
If the economic uncertainty around COVID-19 has made it difficult for you to support ongoing operations and retain staff, it is highly likely that your business will qualify. See below for primary criteria, as described by the SBA and the Department of Treasury on March 31, 2020.
CARES Act Stimulus Package - Paycheck Protection ProgramPre-Apply Now
Are you a VC-Backed Startup?
UPDATE April 17th, 2020: New legislation is expected to pass in the coming days to enable VC-backed startup to participate in the Paycheck Protection Program by adding simpler “control” guidelines. We’ll let you know when this is official.
Take our affiliation rule test now to understand if your corporate structure meets the criteria.
Has the current economic uncertainty made this loan request necessary to support ongoing operations?
Have you received an SBA economic injury disaster loan between Jan. 31 and April 3, 2020?
If you've already received an EIDL for COVID-19, you can generally refinance the EIDL into the PPP loan. However, you may not take out an EIDL and a PPP for the same purposes.
Will the funds used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payments?
Are you presently subject to an indictment or criminal charges?
Do you and your affiliated businesses have less then 500 employees?
If you have external institutional investors, you’ll want to take our affiliation rule test to see if this prevents you from accessing the PPP.
Are you US citizen, or do you have lawful permanent resident status?
Paycheck Protection Program
Information based on the SBA as of April 17th, 2020.
In order to prepare for your application, you may need the following information about your company and you should get it ready. These are not requirements and are subject to change.
You’ll need your EIN number if you’re a businens, or SSN if you’re a sole proprietor.
Be sure to collect all four quarters of 2019 payroll tax filings at both the state and federal level. If you use a payroll tax provider, they should have this data.
Our bank partners may add other criteria to this list. Be prepared to provide tax filings and proof of identity and business ownership.
You’ll want documentation from all owners over 20% and affiliated businesses.
Your employee W2s are important to prove your total payroll in 2019.
Learn more about PPP, the SBA relief program created by the CARES Act.
Why This Exists
We founded Rho Business Banking to improve the odds of success for growing companies. Today, that means helping businesses impacted by COVID-19 access capital from the CARES Act. The faster we can help businesses access funding, the quicker the recovery period will be.
Here’s how it works: We connect applicants with our extensive network of lenders—typically reserved for Rho Business Banking clients—to apply for programs like the Paycheck Protection Program. Lenders then process the aid.
Rho Business Banking does not charge a fee to the borrower. Instead, we charge a small fee to the lender to help facilitate the distribution of the stimulus aid.
The SBA Economic Injury Disaster Loans (EIDLs) can be applied for directly through the SBA.
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1. Rho Account APY is as of March 3, 2020, and subject to change.
2. Deposit insurance above $250,000 per account is offered exclusively with our treasury management account.
3. The Rho Account product is a service of Evolve Bank and Trust. The Rho Treasury Management Account is provided by a network of over 300 FDIC-insured banks.
4. Rho is not a bank. Rho partners with FDIC-insured banks and other financial institutions to offer its products and services.