BlueVine Business Blog

Checklist of the required information and documents for SBA’s Paycheck Protection Program loan application

Small Business Tools

Paycheck Protection Program: What You Need to Apply

BlueVine — January 6, 2021

Back to Business

What You Need to Know about PPP Loan Forgiveness

BlueVine — September 3, 2020

How the Upcoming Round of the Paycheck Protection Program (PPP) Works

BlueVine — December 23, 2020

BlueVine delivered $4.5+ billion in PPP loans to more than 155,000 small businesses, saving 470,000+ jobs during the COVID-19 pandemic.

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When to apply for PPP loan forgiveness: 8 weeks vs. 24 weeks

BlueVine — October 22, 2020

How to Get Your SBA Paycheck Protection Program Loan Forgiven

BlueVine — September 22, 2020

Non-employers include self-employed individuals without employees.
Small businesses in the Food and Accommodation industry (NAICS 72) and other eligible organizations may qualify for a PPP Second Draw if they have over 300 employees.
Businesses in the Food and Accommodation industry (NAICS 72) are entitled to receive up to 3.5x the average payroll costs on a Second PPP Draw.
Third-party ATM fees may vary by ATM operator.
As of December 1, 2021 the rate on our Business Checking account will be adjusted from 1.0% to 0.6% APY on balances up to and including $100,000. No interest earned on balances over $100,000.
Based on user testing.
The national average and comparison are based on interest rates paid by U.S. depository institutions as calculated by the FDIC.
For businesses organized as a limited liability company or corporation, we do not perform a hard credit pull at any point in our process, which means your credit score will not be impacted. For businesses organized as sole proprietors or general partnerships, we will only perform a hard credit pull after you receive and accept your offer.
Once approved, get funds deposited in your bank account in as quickly as a few hours if you choose our bank wire option ($15). Or, choose our free ACH transfer option which typically gets funds deposited the next business day, although it may take up to three.
The rate is a simple interest rate calculated from total repayments over 26 weeks.
Applications are subject to approval. Approved customers who apply for a BlueVine Flex Line of Credit and draw $5,000 or more within 14 days of approval will receive a $100 Tango gift card. BlueVine Flex Line of Credit is issued by Celtic Bank, a Utah- chartered Industrial Bank, Member FDIC. Please allow at least four weeks to receive your gift card via email if you qualify. One gift card per eligible participant. Gift cards are non-exchangeable and non-returnable. This offer is single-use and non-transferable. BlueVine reserves the right to cancel the promotion anytime. Funding subject to credit approval. Other terms and conditions may apply. Inquire for more details.
For borrowers with loans of $150,000 or less, these documents will not be required at the time of application. These or additional documents will be required either before or during your loan forgiveness application.
Businesses with employees are eligible to apply for up to 2.5x average monthly payroll costs. Businesses in the Food and Accommodation industry (NAICS 72) are eligible to receive up to 3.5x the average monthly payroll costs on a Second PPP Draw.
Some exceptions may apply. Please review our guide for more information.
Subject to the terms and conditions of your credit card provider.
In the event your business is approved for a line of credit, and, prior to funding, the business receives an approved offer from a competing non-bank lender at a lower rate to that offered by BlueVine, BlueVine will offer the same or lower rate or BlueVine will pay your business five hundred dollars ($500). One gift card will be allowed per eligible participant. This promotion may not be combined with any other offers. Gift cards are non-exchangeable and non-returnable. Please allow at least four weeks to receive your gift card via email if you qualify. BlueVine reserves the right to cancel the promotion anytime. To be eligible for the Price Guarantee, the competing agreement must be for equivalent terms as those provided by BlueVine (e.g. interest rate, loan amount, origination fees, number of installments, repayment terms, collateral or other security, and no other materially different terms). BlueVine will determine in its sole discretion whether all material terms are equivalent. Your business must submit written proof of an approved agreement with competing non-bank lender prior to funding of the BlueVine line of credit and successfully complete its registration with BlueVine to be eligible for the $500 payment. The Price Guarantee does not apply to offers dated prior to the date of this mailing. Other terms and conditions apply. One gift card will be allowed per eligible participant. This promotion may not be combined with any other offers. Gift cards are non-exchangeable and non-returnable. Please allow at least four weeks to receive your gift card via email if you qualify. BlueVine reserves the right to cancel the promotion anytime.
On our best rates, LIBOR rate will be applied.
The content provided will be for educational purposes only and should not be construed as professional advice and/or a replacement thereof.
Not all suppliers may accept credit card payments; for example: credit card payment to insurance providers, credit card providers, or court-ordered payments are currently not supported. Amex cards are not supported in this feature.
Funding applications are subject to credit approval. Rates and terms may vary based on your creditworthiness and are subject to change.
Discounts based on referral codes refer to the weekly or monthly interest rates for Line of Credit customers, and weekly interest rate for Term Loan customers. The offer does not apply to Invoice Factoring customers. Offer available to first-time clients only.
For customers who received their PPP through Cross River Bank (CRB), they will contact you regarding loan forgiveness.
BlueVine. "Survey: Coronavirus Impact on Small Businesses." (2020): www.bluevine.com/coronavirus-business-impact-survey/ March 26, 2020
Several exemptions apply if a business did reduce headcount or wages. Read our guide on those exemptions for more information.
In order to qualify for the gift card, the Referred client must draw funds within 2 weeks of accepting an offer with BlueVine. The Referred client must also be in good standing for the 8 weeks following his or her first draw date. One gift card per eligible participant. Please allow at least 90 days after the Referred client's first draw to receive your gift card. Terms and conditions apply. Please see them for more details.
BlueVine reserves the right to add, remove or modify restricted industries without notice and in its sole discretion.
U.S. Small Business Administration Office of Advocacy. "2019 Small Business Profile." (2019): https://cdn.advocacy.sba.gov/wp-content/uploads/2019/04/23142719/2019-Small-Business-Profiles-US.pdf. April 2019
This process may take up to 150 days from submission, or more in certain circumstances.
Lowest rates starting from 0.25% will have an additional LIBOR rate applied.
Rates range from 4.8% to 20.5% per draw, simple interest. Simple Interest = Total interest you will pay, and given as a percentage of the amount borrowed, excluding fees. APR from 18.2% to 36%. Prices for business funding can vary depending on the expected term of the funding as well as other credit and eligibility criteria.
Survey issued via Survey Gizmo to 877 small business owners between June and July 2020. Survey participants all own businesses with 100 employees or less and 837 completed the survey.
There may also be circumstances when part or all of your loan is not eligible for forgiveness due to other SBA requirements that are beyond the scope of this post.
(“U.S. Small Business Administration Office of Advocacy. "2019 Small Business Profile." (2019)”)
At this time we do not have an estimate when we'll resume receiving new applications.
BlueVine is not a licensed tax professional and cannot provide tax advice. You should consult with your CPA or tax advisor about the implications of the current stimulus bill.
Earning rewards is subject to the terms and conditions of your agreement with your credit card provider.
Bill Pay funds are held by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System.
Loans made after June 5 have a maturity length of 5 years.
A $4.95 per transaction fee is applicable while depositing funds at Green Dot® locations.
The Bancorp Bank, Member FDIC may transfer to Coastal Community Bank, Member FDIC after September 14, 2021 any funds received from returns of ACH Credits you originated from your account.
Conditions and exceptions apply - see Checking Account Agreement.