SBA Coronavirus Assistance Program Apply for a Paycheck Protection Program Loan
BlueVine can help you get a COVID-19 relief loan quickly. Use
funds to help pay your employees and cover monthly expenses.
SBA funds are limited.
Deadline to apply is August 8, 2020
Loans up to $2 million
Interest rates from 1.0%
No payments for 6 months
The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $350 billion program will provide small businesses with cash-flow assistance through 100 percent federally guaranteed loans. This program can function like a non-taxable grant for your business.
Any small businesses that have been affected by COVID-19 with 500 or fewer employees and were in operation on February 15, 2020. This includes sole proprietorship, independent contractors, eligible self-employed individual, non-profit organizations, and tribal concerns.
What you need to apply
- Basic information about you and your business
- Your average monthly payroll costs
- Details of full-time employees and associated payroll costs
- Details of all persons with 20% or greater ownership stakes
- Payroll tax filings such as 941, 940/944, 1120, Schedule C, or payroll processor records
- Bank statements or bank connection
Frequently Asked Questions
Any small business that has been affected by COVID-19, has been in operation since February 15, 2020 and has fewer than 500 employees, including sole proprietorship, independent contractors, eligible self-employed individuals, non-profit and veterans organizations, or Tribal concerns.
Yes, you may complete and submit the application with or without the assistance of an outside professional. If you have any questions about applying on our platform, our team is there to answer your questions in that regard. BlueVine is not the ultimate SBA lender, so it does not itself pay agent fees.
Most small businesses can get a loan size up to 2.5x their average monthly payroll costs incurred during 2019. In evaluating a borrower’s eligibility, a lender may consider whether a seasonal borrower was in operation on February 15, 2020 or for an 8-week period between February 15, 2019 and June 30, 2019.
The amount of loan forgiveness is generally calculated as payroll costs incurred 24 weeks after disbursement of your loan (excluding compensation over $100,000), as well as payment of mortgage interest, rent, or utilities during that time. You must use 60% of the borrowed loan amount for payroll costs, and then the remainder on other approved expenses, in order to qualify for full forgiveness.
We are closely tracking the latest guidance from the Small Business Administration (SBA) and are working diligently to digitize the latest SBA Forgiveness Form 3508 in our BlueVine platform. The SBA has currently not provided a way for lenders like BlueVIne to submit completed forgiveness forms. We will contact you by email closer to when your covered period has ended at the end of 24 weeks from your loan origination date.
All payments are deferred for 6 months; however, interest will continue to accrue over this period, unless forgiven.
- Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
- Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
- State and local taxes assessed on compensation
- For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis.
- For multi-member LLCs: self-employment earnings reported to U.S.-based general partners on the 2019 Schedule K-1, net earnings from self-employment tax, capped at $100,000 on an annualized basis per partner.
- BlueVine provides a fast online application where you can find out if you are qualified in minutes.
- We have trusted and experienced advisors to help answer your questions and help you with your application.
- BlueVine has an A+ BBB rating and has funded over $3B in loans to small businesses.