This round of PPP started on Jan 13, 2021 and lasts until Mar 31, 2021. BlueVine is now accepting applications for PPP.
Keeping this in consideration, does BlueVine do PPP loans?
BlueVine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program. … Get started with a fast and secure online PPP loan application.
Simply so, does BlueVine charge a fee for PPP?
If you’re an existing BlueVine Business Checking customer, there are a few things to know before applying for PPP. The SBA’s PPP helps small businesses like yours get funding including the following highlights: … No hidden fees: No additional SBA fees or need for collateral or personal guarantees.
How long does it take for BlueVine to approve PPP 2021?
BlueVine offers approvals in as little as five minutes, and funds can be available within a few hours of approval. You can choose free ACH transfer, and funds will usually arrive the next business day, but it can take up to three days.
What lenders are accepting PPP applications?
- America First Credit Union. America First Credit Union is currently accepting applications on its website. …
- Ameris Bank. Ameris Bank is accepting applications from borrowers who received their first PPP loan through the bank. …
- AmPac Business Capital. …
- AltCap. …
- Atlantic Capital Bank. …
- Bankers Trust. …
- Bank of America. …
- Bank of Hope.
Does PPP check credit?
PPP Credit Checks
There does not appear to be any credit check required for PPP loans. That’s somewhat surprising because these loans technically fall under the SBA 7(a) loan program, which typically does require acceptable credit.
What documents do I need for PPP loan?
If your business is any of the following:
| If you have employees | |
|---|---|
| All businesses of this type should provide the following | Color copy of government issued ID (front and back) 2019 1040 Schedule C** 2019 IRS Form W-3 2019 IRS Form 940 W2s for any employees earning more than $100,000 Payroll statement covering 2/15/2020 |
How do I calculate my PPP loan?
PPP loans are calculated using the average monthly cost of the salaries of you and your employees. If you’re a sole proprietor or self-employed and file a Schedule C, your PPP loan is calculated based on your business’ gross profit (or gross income). Your salary as an owner is defined by the way your business is taxed.
How long does it take SBA to approve PPP loan?
Once approved, the SBA requires lenders to disburse funds within 10 calendar days. Your loan is considered approved once the SBA assigns you a loan number. In general, the PPP loan funding timeline is around two weeks, from when you submit your application to the time the lender disburses funds.
How do you qualify for BlueVine?
BlueVine requires business owners have credit scores of at least 650 if the business has annual revenue between $60,000 and $200,000. For annual revenue above $200,000, BlueVine only requires a 600 credit score.
Do you have to pay back PPP loan?
Yes. PPP loans (the full principal amount and any accrued interest) may be fully forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan.
How long does BlueVine PPP take?
Here’s how BlueVine works in three easy steps: First, apply online in a few minutes with some basic information about your business. Then once approved, you can review and accept your offer. Afterward, funds are deposited in your bank account in as fast as hours. Payments are made over 6 or 12 month terms.
Can I apply for a PPP loan online?
Lendio, the nation’s leading small business loan marketplace, announced it has opened its streamlined preliminary online application for small business owners to access the government funds set aside for additional Paycheck Protection Program (PPP) loans.
How can I get my PPP loan forgiven?
How to get PPP loan forgiveness
- Use it for eligible expenses.
- Keep your employee headcount up*
- Don’t reduce an employee’s wages by more than 25%*
- Document everything.
- Talk with your lender.
- Apply for loan forgiveness.