Frequently asked questions

BlueVine Business Checking offers no monthly, incoming2 wire, ATM , or NSF fees, dedicated live support, and 1.0% interest (20x the national average4) earned on checking balances up to $100,000.1 Additionally, we offer a simple, easy-to-use dashboard and mobile app to deposit checks, view your balance, and other everyday banking activities. You can also withdraw cash using the BlueVine Business Debit Mastercard® and your deposits are FDIC-insured to at least $250,000 through the Bancorp Bank.

Yes, BlueVine Business Checking accounts are offered through Bancorp Bank, member FDIC. Your deposits are insured to at least $250,000. You can learn more about coverage on the FDIC website.

There are a few ways that you can send and receive money. You can easily make payments to vendors or external accounts through ACH or domestic wire transfers. Add funds into your BlueVine Business Checking account through a mobile check deposit or initiate a transfer within your external bank account, outside of BlueVine. The cost to receive an incoming wire is free. Outgoing wires are $15, which is significantly lower than the industry standard.

Small businesses can avoid the complicated fee structures and hidden fees often associated with traditional banks. BlueVine Business Banking offers unlimited transactions, no monthly fees, no minimum balances or deposits, no ACH payment fees, no NSF charges, nor ATM fees at 38,000 locations. 

The only fees associated are with expedited debit card replacements, cash deposit fees at Green Dot® retail locations ($4.95) and outgoing wires ($15), which is significantly lower than the industry standard. You may also be charged a fee by out of network ATM owners, even if you don’t complete the transaction.

We have paused online applications for invoice factoring, as well as new business line of credit applications, to focus on securing PPP funds for small businesses. Sign up for updates on when applications will resume.

Frequently asked questions

To use your BlueVine line of credit, here’s how it works: Once approved for a credit line, access funds by drawing directly from your dashboard. Funds are then deposited in your bank account in as fast as hours. Payments are automatically debited from your account each week or month over 6 or 12 months. As you pay off your balance, your available credit line is automatically replenished. 

Here’s how BlueVine’s Invoice Factoring works. First, pick and choose an invoice(s) that you want to fund and submit it via the BlueVine dashboard or sync your favorite accounting software. We’ll deposit up to 90% of the invoice value upfront into your bank account in as fast as a few hours. Then, once your invoice has been paid by your customer, you’ll receive the rest of the invoice value minus a fee. 

On your first draw, you can draw anywhere between $5,000 and an amount less than or equal to your available credit. On any additional draws, you can draw anywhere between $500 and an amount less than or equal to your available credit.

Weekly repayments are automatically debited from your bank account.  As long as you have sufficient money in your bank account, you never have to worry about missing a payment.

BlueVine currently accepts invoices where:

  • The service or product was completed, delivered and accepted by your customer
  • The customer is based in the US or Canada (English speaking provinces)
  • The customer is a business (not a consumer)
  • The invoice face value is higher than $500
  • The payment term is shorter than 13 weeks
  • The due date is at least 1 week away

Frequently asked questions

The SBA Paycheck Protection Program (PPP) is specifically designed to aid eligible small businesses with forgivable loans during the Coronavirus pandemic. The latest government stimulus package commits $284.5B to PPP and allows for second draws and simplified loan forgiveness.

The PPP has been extended through May 31, 2021, however SBA funds are limited. We anticipate that funds will run out prior to the 5/31 deadline, and encourage small businesses to apply as soon as possible.

BlueVine is supporting both First Draw and Second Draw applications. We’re helping as many small businesses as possible apply for PPP, including Second Draw applicants that didn’t have their First Draw with us.

Certain supporting documentation is required to apply for a PPP loan. BlueVine recommends these documents, which have a higher likelihood of going through our automated system. Documents should be read-only. Editable PDFs will not be accepted by BlueVine.

First Draw applicants:

  • Small businesses with employees: Quarterly 941 forms (for all four quarters of your payroll reference period), yearly 940 or 944 form, 1120 form, 1065  K-1 form5 (preferred over 1065 form), 1120-S form, or payroll processor reports with a corresponding letter from the payroll processor
  • Self-employed individuals, sole proprietors, and independent contractors without employees: 2019 or 2020 1040 – Schedule C

For Second Draw applicants:

  • Small businesses with employees: Quarterly 941 forms (for all four quarters of your payroll reference period), yearly 940 or 944 form, 1120 form, 1065  K-1 form5 (preferred over 1065 form), 1120-S form, or payroll processor reports with a corresponding letter from the payroll processor
  • Self-employed individuals, sole proprietors, and independent contractors without employees: Form 1040 – Schedule C 
  • If your loan request is over $150K, you will also be required to submit documents at the time of your application that demonstrates at least a 25% reduction in revenue (based on gross receipts) compared to the same time period in 2019, which may include tax forms, quarterly financial statements, or bank statements1

Applicable Reference Period for Calculating Payroll

Unless specified, you should submit documents covering the payroll period you want to use in your loan application:

  • Small business applicants generally may use the calendar year 2019, the calendar year 2020, or the one-year period before their loan is made as their preferred payroll period
  • Self-employed individuals, sole proprietors, and independent contractors may use the calendar year 2019 or 2020. They may not use the one-year period before their loan is made
  • Seasonal borrowers may use any 12-week period between February 15, 2019 and February 15, 2020

Additional documentation may be required of all applicants:

  • Basic information about you and your business
  • Details of full-time employees and associated payroll costs
  • Details of all owners with greater than 20% ownership stakes
  • Proof of mortgage interest payments, rent payments, and utility bills
  • Bank statements
  • Small business owners without employees: apply with a social security number
  • Small business owners with employees: apply with an EIN or Tax ID

If you’re a First Draw PPP applicant, eligibility terms are similar to the initial program launched in 2020. U.S. small businesses in operation as of February 15, 2020, with fewer than 500 employees, including these now-eligible business types, can apply: 

  • Housing cooperatives with no more than 300 employees
  • Certain broadcast and news organizations
  • “Destination marketing organizations” that generally don’t engage in lobbying and have fewer than 300 employees

If you’re a Second Draw PPP applicant, you must meet the following additional criteria and note that additional conditions may apply:

  • Have 300 or fewer employees32
  • Have used your entire First Draw PPP loan on PPP-eligible expenses
  • Demonstrate a 25% or greater reduction in revenue over a certain period

The following businesses are no longer eligible for a PPP loan: 

  • Businesses that receive grants under the SBA’s new Shuttered Venue program
  • Companies traded on a public stock exchange
  • The President of the U.S., Vice President of the U.S., heads of government executive departments, members of Congress, and their spouses

Please refer to the SBA’s PPP webpage for complete information on eligibility criteria.

Small businesses that previously received a PPP loan may be eligible for a Second Draw. Generally, for small businesses to qualify for a Second Draw PPP loan, they must have been in operation on February 15, 2020, and:

  • Have fewer than 300 employees2
  • Have used their First Draw on PPP-eligible expenses
  • Demonstrate a 25% or greater reduction in revenue over a certain period

Additional conditions may apply, and various documentation is needed.

Yes, the new Paycheck Protection Program round includes loan forgiveness changes, including a simplified forgiveness process for borrowers with loans under $150,000 and expanded forgivable expenses. The SBA has recently released new guidance, and we’re working to translate this guidance into a more efficient and simpler forgiveness application for those that apply. BlueVine is not currently accepting loan forgiveness applications.

We’re here for you

By phone

If you’re experiencing an urgent issue,
you can call us during weekdays.

Banking and Lending

Call us at (888) 216-9619
  • Monday through Friday 8am to 8pm (ET)

Paycheck Protection Program

Call us at (650) 338-4012
  • Monday through Friday 10am to 4pm (ET)

By email

If you’re experiencing a non-urgent issue,
send us a detailed explanation.