Learn more. PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any second draw. If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for up to 3.5x monthly payroll costs for a second draw. All second draws are limited to $2M.
Unfortunately We Are No Longer Accepting Applications
We are currently unable to accept new applications for PPP loans, due to high volumes, limited SBA funds, and the program's upcoming 5/31 expiration.
Is Blueacorn a bank? No. We're a Lender Service Provider. That means we help you do the PPP paperwork and we partner with a bank to apply for and secure your loan.
I didn't spend all of my first PPP loan money… can I still get a second draw PPP loan? As long as you certify that you have spent, or will spend, the full amount of your first PPP loan on eligible expenses before your second draw PPP loan is funded, you can still qualify for a second draw loan.
How long will it take to get my money? Funds can take up to 10 business days (Monday to Friday) from the date the loan documents are signed, barring unforeseen delays from other agencies outside of our control.
Despite reports that the PPP has run out of funding, Blueacorn partners with community financial institutions that still have access to funds- this money has NOT run out! Thank you for your ongoing feedback.
We wanted to share an important update. Blueacorn is no longer accepting new applications for PPP loans due to high volumes, limited SBA funds, and the program's upcoming 5/31 expiration. We are doing all we can to advocate for another round of PPP, to get you the funds you need and deserve. ...
You can't apply for a first-draw PPP loan AND a second-draw PPP loan at the same time, but if you act quickly, you can get your first draw funding and spend it in a legal fashion (i.e., on payroll expenses—which in the case of independent contractors, eligible self-employed individuals, or sole proprietors means paying ...
Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.
Loan agreements will identify the appropriate lender to small businesses at signing. ... If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for up to 3.5x monthly payroll costs for a second draw. All second draws are limited to $2M.
BLUE ACORN, LLC is in the Custom Computer Programming Services industry, has a $1,000,000 - $2,000,000 PPP loan from United Community Bank, and has potentially retained 121 jobs.
If you are looking for a status on your Blue Acorn PPP loan, you must reach out directly to Blue Acorn through a trouble ticket at https://blueacorn.co/support/ Prestamos cannot provide you updates or information about your Blue Acorn PPP.
Hope Credit Union, a CDFI, is currently accepting PPP applications from new and existing customers.
Self-Employed People Get Automatic PPP loan Forgiveness - Blueacorn.co. In light of latest PPP guidelines, self-employed people and independent contractors now get the whole loan forgiven automatically.
The loans for the second round of PPP forgiveness are up to $2 million (as opposed to the maximum of $10 million in the first round), and during the forgiveness process, you may choose a covered period between eight to 24 weeks.
COVERED PERIOD
Now they can choose any length between eight and 24 weeks. Note that a borrower's first-draw and second-draw covered period cannot overlap.
If you got a Paycheck Protection Program loan during the first draw, your deadline for applying for forgiveness is August 30, 2021. The applications for forgiveness are made through your lender or through the PPP Loan Forgiveness Portal opened by the Small Business Administration.
Eligibility requires a business to have 300 employees or fewer. Also, the business must have a 25% decrease in any quarter's gross receipts from 2019 to 2020, which shows the company has experienced financial hardship. Gross receipts include all revenue, including interest and dividends.
Can I get more than one PPP loan for my business? Per the original PPP loan rules, you could only apply for one PPP loan per business entity that you own. If you have a business with multiple locations and each location has its own Tax ID or EIN, then you could apply for a loan for each entity.
We're unable to accept business transactions, including deposits and loans for business use. Any SBA or PPP loan will be rejected and sent back to the IRS.
A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. ... Business owners can still apply for an EIDL loan but PPP loans are no longer available.
Please expect 5-7 days for your docs. Thank you so much.