The Paycheck Protection Program ended because funds have been exhausted. We are no longer accepting new applications.
If your application was in progress, we will contact you once we have more information.

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) was specifically designed to aid eligible small businesses with potentially forgivable loans during the COVID-19 pandemic. BlueVine proudly participated in all rounds of PPP in 2020 and 2021.

A loan’s covered period starts when the PPP loan is disbursed and lasts 8 to 24 weeks. To be eligible for forgiveness, you must spend a PPP loan’s proceeds on PPP-eligible expenses during a loan’s covered period.

PPP loan forgiveness refers to the process where some or all of your loan balance is forgiven by the government—meaning you don’t have to pay that amount. This happens when the SBA reviews your loan forgiveness application and determines that you’ve used your funds for eligible expenses. If all of your loan is forgiven, you won’t have to pay anything back. If only a portion of your loan is forgiven, you’ll need to repay the remaining balance. For complete forgiveness eligibility criteria, please visit the SBA’s forgiveness page.

The amount of loan forgiveness is generally calculated as (1) payroll costs incurred during your covered period (excluding annual compensation over $100,000), and (2) payment(s) of mortgage interest, rent, utilities, and other certain expenses during your covered period. To be eligible for full forgiveness, you must use at least 60% of the borrowed loan amount for payroll costs, with the remainder spent on other approved expenses. Other criteria may be relevant, and you can learn more on the SBA’s forgiveness page

When can I apply for loan forgiveness with BlueVine?

Based on the latest guidance, you’ll have up to 10 months from the end of your covered period to defer payments. Repayments, if applicable, won’t begin until Fall 2021 for PPP 2020 borrowers. If BlueVine is facilitating your forgiveness, we have contacted, or will contact, you once it’s time to apply. You will have ample time to complete your application before your repayment date. Payments will be paused while your lender and the SBA review your forgiveness application.

  • Healthcare plan payments—for businesses with employees
  • Salary, wages, commissions, and tips—up to $100,000 for each employee on an annualized basis
  • Employee benefits—which includes paid leave not otherwise covered by the Families First Coronavirus Response Act, and severance pay
  • State and local taxes—which are assessed on employee pay
  • Payments for vacation, parental, family, medical, or sick leave; an allowance for separation or dismissal
  • Employer-provided group insurance benefits—including, life, disability, vision, and dental insurance, including insurance premiums, and retirement 
  • For a sole proprietor or independent contractor: wages, commissions, income, or earnings from self-employment, up to certain limits set by the SBA

Yes, you will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, utilities, operating expenses, property damage, supplier costs, or worker protections during your covered period. Per SBA program rules, payroll must be at least 60% of the forgiven amount, and any non-payroll expenses must be PPP-eligible expenses.

The forgiven amount may also be reduced if you do not maintain your staff and payroll.

  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.  There are some exceptions for businesses suffering from COVID-19-related difficulties.
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019, with some exceptions.

Any amount not forgiven continues as a loan on the original terms, which include 1.00% interest, no payments for the initial 10 months of the term and a maturity date 2-5 years1 from the date of disbursement.

If you didn’t use your entire loan by the end of your covered period, the remaining amount must be repaid to your lender of record. You will have 10 months from the end of your covered period to apply for forgiveness and begin payments on your loan remainder, which will accrue 1.00% interest until the loan is repaid in full. If you do not want to make interest payments, return the remainder of your loan to your lender of record.

The CARES Act requires the lender or servicer to issue a decision on the forgiveness application within 60 days of its receipt of the application and then send it to SBA. The SBA has 90 days to review and issue its decision on a forgiveness application.

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