What does Blue Acorn do?

Asked by: Dr. Pearline Hayes Jr.  |  Last update: January 16, 2023
Score: 4.8/5 (56 votes)

What is Blueacorn? Blueacorn is a lender service provider started in 2020 to help small business owners, gig workers, and sole proprietors apply for and secure government pandemic assistance through the Small Business Administration's Payment Protection Program.

What does Blue Acorn iCi do?

Blue Acorn iCi is a leading digital customer experience company that solves problems and delivers results. The first company of its kind to pioneer what's possible through the convergence of analytics, digital commerce, customer experience, and Experience Driven Commerce (XDC) services.

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.

Is Blueacorn still doing PPP loans?

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.

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.

Is Blue Acorn legit?

27 related questions found

Is Blueacorn legitimate?

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 a lender?

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.

How do I know if my PPP loan is approved BlueAcorn?

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.

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).

Is Blueacorn 100% forgivable?

Yes. Blueacorn is 100% safe to use and uses 256-bit Secure Encryption technology to keep your financial information and personal details safe and secure.

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 is Blueacorn PPP?

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 ...

How much did Blue Acorn sell for?

Infosys to acquire Blue Acorn iCi for up to USD 125 million.

How can I get my PPP to forgive?

To apply for PPP loan forgiveness, use the SBA's Loan Forgiveness Application form, Form 3508, or your lender's equivalent form. You might be able to use Form 3508EZ or Form 3508S if you meet the eligibility guidelines. After completing the form and attaching any necessary documents, submit it to your lender.

Will there be another PPP loan 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.

What is the deadline for PPP loan forgiveness Blueacorn?

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.

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.

Who owns Blue acorns?

Chris led the acquisition of Blue Acorn iCi to Infosys for 125 million in 2020 and continues to lead the business with his business partner Greg Boone.

Can I start a business with a PPP loan?

Yes: but only if you were operational on February 15, 2020. Here's everything you need to know about getting a PPP loan for a new business (and some alternative funding options).

Who bought blue acorn?

Infosys (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced that it has completed the acquisition of Blue Acorn iCi, an Adobe Platinum partner in the US, and a leader in digital customer experience, commerce and analytics.

Is Blueacorn still accepting applications?

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.

How long does it take to get funded by BlueAcorn?

30 days to complete process due to increase in applications. My opinion is that it's worth being patient cuz BlueAcorn did for me in weeks what the banks failed to do for me for a year. Documents Required by a Bank for a Business Loan: 1.

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.

Can you return unused PPP funds?

You are welcome to return the funds in full, as long as it's before May 18. However, you will likely not be allowed to apply for another PPP loan—each business is only allowed to receive one PPP loan. You can speak to your lender to start the process of returning your loan.

Will PPP loans under $150 000 be forgiven?

Small Business Administration: PPP loan borrowers under $150K get forgiveness through new portal. The Small Business Administration has created an online portal that allows for direct loan forgiveness for borrowers of up to $150,000.