Is Blue Acorn legit for PPP?

Asked by: Glen Rempel  |  Last update: August 21, 2023
Score: 4.8/5 (16 votes)

Blueacorn.co are fraudsters and crooks Blueacorn.co are fraudsters and crooks they promise all over the website,applications, and in chat that once sba issues a loan number and promissory note are signed that the loan is 100%guaranteed and funds are set aside however if your bank or credit union rejects funds because * ...

Is Blueacorn and PPP the same thing?

Blueacorn was founded in April 2020 with the singular purpose of advancing the original mission of PPP by democratizing access to loan relief for America's small businesses, independent contractors, and self-employed workers – groups who are often overlooked by our traditional banking system and could not seek relief ...

Does Blue acorns still have PPP loans?

As of today, May 26, we are no longer accepting new applications for PPP loans, due to high volumes, limited SBA funds & the program's upcoming May 31 expiration. If your application is SBA approved, rest assured your funds are secure & will be transferred to your account ASAP.

Is Blueacorn approved by SBA?

Blueacorn is 100% safe to use and uses 256-bit Secure Encryption technology to keep your financial information and personal details safe and secure. During the pandemic, we partnered with certified SBA lenders to facilitate PPP loans directly from the SBA and the Federal Reserve.

Which lender is best for PPP loan?

The best PPP lenders are all online—even the best bank to apply for a PPP loan has an easy online application.
...
These top online lenders will participate in the new round of PPP loans and you can start applying now.
  1. Lendio. Lendio. ...
  2. SmartBiz. SmartBiz. ...
  3. Credibly. Credibly. ...
  4. Fundera. Fundera by NerdWallet. ...
  5. BlueVine. ...
  6. Celtic Bank.

Is Blue Acorn legit for PPP?

20 related questions found

Does BlueAcorn offer second PPP?

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.

How do I get BlueAcorn PPP loan forgiveness?

You are required to apply for forgiveness; it is not automatic. If your loan was funded directly through Prestamos CDFI, you will apply through your Sparks portal. If you applied for your PPP through BlueAcorn, you will apply for forgiveness through the BlueAcorn portal once it opens in late July (anticipated).

How do I pay back a PPP BlueAcorn loan?

If you do not apply for forgiveness within the required 10 month timeframe, you will be required to repay the loan in monthly installments with a 1% interest rate over either two years or five years, depending on when your loan was originated (initially the term was two years and then it was changed later in the ...

What lender does Blueacorn use?

Your lender, Prestamos CDFI, will be administering your loan forgiveness directly through the Small Business Administration (SBA). This means you will need to apply for loan forgiveness via the SBA, which you can access at directforgiveness.sba.gov.

How long does PPP take to deposit blue acorns?

Once an application is submitted, it can take 1-2 weeks to be funded into your bank account based on how quickly you complete your application and provide the necessary documents and The SBA approval time. Complete and submit the contact form below.

Is Blueacorn forgivable?

If you applied for your PPP loan through Blueacorn, we are proud to announce that you are now able to apply for forgiveness through our new portal! You will need to create a new login, and have your SBA Loan number and SSN / EIN ready. It should take about 5 minutes, and can be done on any device.

Will there be another PPP loan in 2021?

PPP Application Deadline Extended to May 2021: The U.S. Senate voted to extend the PPP program until the end of May 2021, giving small businesses more time to apply and the government more time to process requests.

Will there be a 3rd PPP loan in 2021?

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.

Will there be Round 3 of PPP loans?

PPP Round 3 applies to businesses with 500 or fewer employees, or if you're getting a second draw loan, 300 or fewer. They also apply to businesses that are categorized as being “Accommodation or Food Services” and have 500 or fewer employees per location (300 if you need a second draw loan).

Who is not eligible for a PPP loan?

First Draw PPP Loan If You Have No Employees

(If you are using 2020 to calculate payroll costs and have not yet filed a 2020 return, fill it out and compute the value.) If this amount is over $100,000, reduce it to $100,000. If both your net profit and gross income are zero or less, you are not eligible for a PPP loan.

What is the deadline for 2nd PPP loan forgiveness 2021?

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.

How do I know if my PPP loan is approved?

If you applied for your PPP loan via Womply, you can check loan application status at https://www.womply.com/ppp-status/. If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.

How long does PPP loan take to process?

From start to finish, the process typically takes about two weeks, although some borrowers are receiving funds quicker than that. As long as you stay involved in the process, keep in touch with your lender, and understand how the PPP loan process works, you should be seeing your money in no time at all.

How do I apply for PPP if self employed?

To qualify for a PPP loan, self-employed individuals must meet the following criteria:
  1. You were in operation as of February 15, 2020.
  2. You are an independent contractor, sole proprietor, or other qualifying business classification with self-employment income.
  3. In 2020, you filed a Schedule C or Form 1040.

Is PPP money still available?

Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.

Can owners salary be included in PPP?

If you own a business, it's pretty common to write yourself a check or transfer business funds into a personal account and consider this to be your salary. But in the context of the Paycheck Protection Program, this is considered an owner's draw, not a salary.

Is there another PPP loan coming in 2022?

It's currently looking like the COVID-19 relief SBA programs will NOT be available come 2022. The Payment Protection Program (PPP) officially ended on May 31, 2021, and the COVID-19 Economic Injury Disaster Loan (EIDL) program is set to close on December 31, 2021.

Will there be another PPP in 2022?

If you never received a PPP loan and are wondering if there will be another PPP loan for 2022, it seems very unlikely. Nothing has been announced.

Can an LLC with no employees apply for PPP?

Who is “self-employed” for purposes of applying for a PPP Loan? Only sole proprietors, sole members of LLCs, and independent contractors may at this time apply as self-employed individuals for PPP Loans.

Is it too late to apply for PPP?

Since congress approved a new funding bill for the PPP program in late December 2020, and now the application deadline has been extended to May 31, 2021, there is sure to be a crush of fence-sitters finally deciding that it's time to get their applications in for a PPP loan.