SBA Coronavirus Relief Paycheck Protection Program

Our PPP application has closed. It was our honor to have supported more than 300,000 small businesses with COVID-19 relief loans to help them cover expenses, pay employees and get back on their feet.

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PPP 2020-21 A big impact for small businesses

PPP funds delivered $8.9B+

Small businesses served 300,000+

Average PPP loan size $24,200

About
the program

Introduction

The Paycheck Protection Program (PPP) supported small businesses with 100% federally guaranteed loans to overcome obstacles created by the COVID-19 pandemic. Small businesses could apply for up to 2.5x their monthly payroll costs, or more in certain circumstances. A PPP loan had a maturity of 2-5 years, an interest rate of 1.00%, and could function like a grant if businesses met certain forgiveness criteria.1

Forgiveness eligibility

PPP borrowers don’t need to repay their loan if it is forgiven. To be eligible for forgiveness, a PPP borrower has up to 24 weeks from their PPP loan origination date to spend the loan on eligible expenses. At least 60% of the PPP loan must be used to fund payroll and employee benefits costs. The remaining 40% can be spent on certain expenses like mortgage interest payments, rent and lease payments, utilities, and others. If you meet these and other criteria, you’ll be able to have 100% of the loan forgiven.

Trustpilot
Trustpilot 5 stars: Excellent

Thanks to BlueVine I have a new lease on life. I worried how I was going to foot the bills or even keep my business going with all that hit me during this pandemic. Thank you is an understatement.

Deborah R.

Trustpilot
Trustpilot 5 stars: Excellent

BlueVine is heroic. BlueVine came to the rescue with a top-notch customer-friendly interface.

Donnetta B.

Trustpilot
Trustpilot 5 stars: Excellent

I highly recommend BlueVine to any small business owner, I would definitely use them in the future.

John H.

Trustpilot
Trustpilot 5 stars: Excellent

BlueVine was super quick and effortless in funding my first and second draw PPP loans. Thanks to the swift action, I am able to keep my business afloat during these unprecedented times.

Snir Y.

Trustpilot
Trustpilot 5 stars: Excellent

Where [other lenders] failed us, BlueVine came to the rescue–quick, efficient, and helpful.

Lucy N.

Loan Forgiveness

What you need to know.

Loan Forgiveness for 2020 PPP Borrowers

  • If BlueVine is facilitating your loan forgiveness process, we’ve emailed you with more information about when to expect your application.
  • No action is required until you receive an invitation by email, and you will be invited to apply at least 30 days before any repayments are due.
  • All payments are paused while your lender and the SBA review your forgiveness application.

Loan Forgiveness for 2021 PPP Borrowers

  • We’re not accepting forgiveness applications for 2021 PPP loans at this time.
  • We’ll email you with more information about when to expect your loan forgiveness application closer to the end of your covered period.

Borrowers who had their loans originated through another servicer (not BlueVine) should reach out to the loan servicer and/or bank provider.

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 employees3
  • 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

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, you will need to submit a new application and you may be required to provide additional information and documents.

Yes. Existing PPP borrowers are not limited to their original lender.

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.

Businesses that fall under NAICS Code 72 are eligible for 3.5x average monthly payroll on Second Draw. The only businesses that qualify for this are either:

  • Businesses that reported a business activity code starting with 72 on their most recent income tax filing, or
  • Businesses that left their business activity code blank on their most recent income tax filing. These businesses can use NAICS 72 if (1) that code is the most applicable one to their primary business activity and (2) they can substantiate their industry activity code with alternative documentation like permits or licenses that are unique to their sector and issued by local governments.

If your application didn’t process because of not meeting SBA’s deadline, for example, you’d need to resubmit an application for this new round of PPP.

Yes, under the new round PPP loan terms, EIDL advances will no longer reduce forgiveness amounts. The SBA will issue guidance in the coming weeks for borrowers with an EIDL advance who have already applied for forgiveness.

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