Can I apply through more than one lender? Yes! However, since your initial lender already has your information on file, applying through the same lender is your best bet. At Bench, we're helping businesses by connecting them to lenders and assisting with PPP forgiveness applications.
In our opinion, the fastest way to get a PPP loan is to apply through your current bank. Although there is some evidence that smaller, regional banks may process your application faster, a bank who already knows you and your business will likely need you to jump through fewer hoops.
1) Fundera
Fundera is currently our top ranked option to apply for Payroll Protection online. They offer a user-friendly experience to apply for PPP loans online. Built for the web, Fundera traditionally works with banks to acquire loans for its customers.
1 attorney answer. Yes, all regulated banks are required to report any activity involving any customer's accounts. Apparently your bank is suspicious of your PPP loan because the funds are supposed to be used only for business payroll and other business...
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 ...
IMPORTANT UPDATE FOR 2021:
Congress approved an extension of the PPP loan program until June 30, 2021, including “second draw” PPP loans for businesses that received PPP funding in 2020. ... In late December 2020, Congress passed a bill approving a re-funding of the PPP and EIDL programs under the CARES Act.
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.
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.
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.
Because Varo currently offers only personal accounts—not business accounts—we cannot accept business transactions like Paycheck Protection Programs (PPP) loans and other loans from the Small Business Association (SBA) that are intended for business purposes.
The Small Business Administration (SBA) was responsible for investigating fraud and misconduct in PPP, but some banks have enacted practices such as freezing and closing accounts with the intent to deter misuse of funds. Banks, however, may be administering these practices in a racially disparate manner.
Wells Fargo is accepting PPP loan applications from existing customers. In order to apply, you must have opened an eligible Wells Fargo business checking account by 12/1/2020.
It's possible that a lender will reject your loan application even if your business is eligible for a loan. Lenders reviewing loan applications will put businesses through a version of their underwriting process.
We have partnered with multiple CDFIs (community development financial institutions) to process the loans. They are all backed by the FDIC, SBA registered and fully compliant with all regulations.
Once your loan has actually been approved, it can take up to 10 business days (Monday through Friday) for the loan to actually be funded and the money to hit your account.
If you are in the middle of the loan process with us or considering applying, you can expect the average loan to take approximately 21 days from application to funding.
If you are trying to reach blueacorn.co regarding your PPP application, you can do so at support@blueacorn.co or via https://blueacorn.co/support/.
As well as businesses, individuals like your contractors and commission-based workers, are also eligible for PPP funds. Anyone who receives a 1099 and/or files a Schedule C is likely eligible.
As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.
Blue Acorn iCi is the leading digital customer experience company pioneering what's possible through the convergence of analytics, digital commerce, customer experience, and experience-driven commerce offerings. In an era of heightened expectations, it's crucial to create exceptional interactions and experiences.
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.