SBA Coronavirus Relief Paycheck Protection Program
We’re no longer accepting new PPP loan
forgiveness applications. If your
forgiveness application is already in
progress, complete it today.
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.BVSUP-00013
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.
Loan Forgiveness
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.
- 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.
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. Apply using the SBA’s streamlined application today.
- 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.
- If you have questions about your Celtic Bank PPP loan, you may contact them via email at (i) pppforgiveness@celticbank.com for forgiveness inquiries, or (ii) loanservicing@celticbank.com for all other servicing/payment matters. You can also reach Celtic Bank by phone at (800)509-6191.
Frequently asked questions
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.
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. The program has concluded. However, we hope to help strengthen your business through our other banking and lending services.
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