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Chime PPP Loan Update: How & Who Can Apply For Chime Loan?

  • Posted By admin
  • 10 May, 2022

Chime PPP Loan can boost the economy

The United State of America has not been left untouched by the adverse effect of the Covid-19. Taking a serious note of the declining economy, the US Government has decided to help small businesses with millions of dollars in form of PPP loans. In the wake of the declaration of the PPP loan, Chime users could be seen asking so many questions on the internet and on social media such as: can I get a loan on my Chime card? If yes then what kind of loan it could be. Does Chime accept PPP loans? 

Dear all Chime users, stop growing anxious anymore. You can contact us and clear your all doubts about the Chime card PPP loan. We can help you even if your Chime bank PPP loan has been rejected. Else, you can continue to read this helping post and clear your basics about PPP loan on Chime. 

What is Chime PPP loan? 

PPP loan stands for Paycheck Protection Program. It is a loan program initiated by the SBA (Small Business Administration) amid the rising Corona Pandemic in the US. Therefore, in many places, PPP loan is known as an SBA loan. PPP loan or SBA loan has proved as a game-changer for small businesses established in the US. Actually, PPP loan has one holy aim and that is to save small businesses from devastation. US Government has designed and prepared the PPP loan policy with simple terms and easy interest rates. PPP loan can help the small business holder to fund the payroll costs, mortgage interest, and so on and so forth inevitable expenses. 

Basically, there are two types of PPP loans: First Draw PPP loan and Secon Draw PPP loan. Technically, there is no difference between these two types of PPP loans. Only the thing is that the second PPP loan is preceded by the first PPP loan. And any eligible applicant can receive both loans one by one. Most importantly, both loans are forgivable if certain conditions are met. 

Can you use Chime for PPP loan? 

Yes, you will be glad to know that all Chime users can use their Chime bank account to receive both first and second draw PPP loans. And to do so, all you need is just to share your Chime routing number along with your account number. The biggest benefit of using Chime to get PPP loan is the fact that it processes payments two days faster than the traditional banks. In addition to that Chime direct deposit is safe and secure as well. Above all, it is free to set up.

Who is eligible for Chime loan?

As you have understood the meaning of the Chime PPP loan, now let's proceed to our next important question. Who is eligible for the Chime bank PPP loan? Good question! Let me explain. Though the terms for getting PPP loan are simple, it doesn't mean that everyone can apply and get PPP loan through Chime. It is not like that. Below are some terms and conditions that must be met by the applicant for successful loan withdrawal: 

  • A businessman who is a sole proprietor, independent contractor, or self-employed can apply for PPP loan. 
  • If your business meets the SBA's size standards and fulfill the condition under section 501(c)(3) for a non-profit organization, 501(c)(19) for veterans organization, or tribal business under section 31(b)(2)(c) of the small business act; will be eligible to get PPP loan. 
  • Any business supported by NAICS code with 72 (accommodations and food services) can get PPP loan.  

How to apply for Chime bank PPP loan? 

If you consider yourself eligible for Chime PPP loan, you must apply for it. In the direction to apply for PPP loan, the first step is to find an authorized lender. You can take the help of SBA's lender lookup tool. Also, if you wish you can avail of the SBA's lender match service. The whole process to get in touch with a lender does not take more than 2-3 days. After that, you need to fill up a PPP loan application and need to arrange the below-mentioned documents.

  • First and foremost, you need to have a Government approved photo id proof. 
  • You must have proof that determines that you are into business before February 15, 2020. 
  • It is important to have a clear background on tax payments. And to prove your good standing on tax, you need to share copies of tax returns.
  • To ensure your PPP loan request is accepted, you need to share all supporting documents including payroll expenses, company registration certificate, and employee details. 
  • Lastly but most importantly, you need to share the bank details of your company along with your bank statement. 

Chime rejected my PPP loan- Why?

Is Chime not accepting your PPP loan? Then the chances are high that you are not eligible due to the below-mentioned reasons:

  • Your business has bad track records on past loans and paybacks. 
  • IRS or any other federal agency might have marked your business as a defaulter on the basis of tax returns. 
  • In an investigation, a lender might have found that your company is not US-based or its head office is in any foreign country. 
  • Your business is involved in some kind of illegal activity. 
  • A technical glitch and failure can also be a reason for Chime PPP loan application rejection. 

 

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