SBA Coronavirus Relief Paycheck Protection Program
We’re no longer accepting new PPP loan forgiveness applications.
If your application is already in progress, complete it today.
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
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
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.
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.
BlueVine is heroic. BlueVine came to the rescue with a top-notch customer-friendly interface.
I highly recommend BlueVine to any small business owner, I would definitely use them in the future.
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.
Where [other lenders] failed us, BlueVine came to the rescue–quick, efficient, and helpful.
What you need to know.
Loan Forgiveness for First Draw Borrowers
- BlueVine is no longer accepting new loan forgiveness applications.
- If your application is already in progress with us, we encourage you to complete it as soon as possible. If you don’t complete your application with us soon, you’ll need to reapply with either our bank partner or the SBA. Avoid having to start over and finish your application today.
Loan Forgiveness for Second Draw Borrowers
- BlueVine is not accepting Second Draw loan forgiveness applications.
- Second Draw Borrowers are invited to apply directly with the Small Business Administration (SBA) if their loan is under $150,000 and provided through our partner Celtic Bank. Apply using the SBA’s streamlined application today.
- If your loan is over $150,000 and was provided through our partner Celtic Bank, you’ll need to apply for forgiveness through Celtic. You may contact them at (800) 509-6191 or PPPForgiveness@CelticBank.com.
- If your loan was provided through our partner Cross River Bank, you should have received an invitation to apply for loan forgiveness through the loan servicer Scratch.
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) was specifically designed to aid eligible small businesses with forgivable loans during the Coronavirus pandemic. The latest government stimulus package committed $284.5B to PPP and allowed for second draws and simplified loan forgiveness.
No. If BlueVine was managing your loan forgiveness process, we’ve sent you additional information by email. If your loan was provided through our bank partner Celtic Bank and your loan is under $150,000, you may apply directly with the Small Business Administration. If your loan was provided through Celtic Bank and your loan is over $150,000, we’ve sent you more details about how to apply through Celtic. You may contact them at (800) 509-6191 or PPPForgiveness@CelticBank.com.
If your loan was provided through Cross River Bank, you should have received a welcome email from Scratch, a loan servicer working with Cross River Bank to manage your loan forgiveness and repayment process.
No. The program has concluded. However, we hope to help strengthen your business through our other banking and lending services.