We’re launching a simplified, expedited PPP application for existing customers on a rolling basis. We’ll contact you by email when your application is available.

Paycheck Protection Program: What You Need to Apply

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.

This round of PPP lasts from when the SBA opens it up to March 31, 2021, and has two loan options available for eligible businesses: an Initial Draw for those who haven’t received a PPP loan and a Second Draw for those who already received a PPP loan during the first PPP round.

BlueVine plans to help as many small businesses as possible with PPP applications in 2021, including Second Draw applicants that didn’t have their first loan with us. We’re closely monitoring the rapidly changing program and will provide updates as information becomes available, including when it’s time to apply.

What you can do now to prepare

Because PPP funds are limited, you’ll want to gather the right documents for the loan application right away. As the PPP application window approaches, here are a few tips to expedite your application review process—most important of which is that you submit a complete and accurate application. In the meantime, review these tips to ensure that your application has a high likelihood of success: 

  • Upload clear documents. Downloaded electronic documents will process much faster than scanned, photographed documents. Upload your forms as separate documents, if possible. If more than four forms are needed, you may consolidate them into a single file. Even if it takes you a few more hours to collect electronic documents (or connect with your accountant), submitting electronic documents will increase your application’s processing time.
  • Applicant must be an owner. The application should be in an owner’s name, not an employee’s.
  • Use the email address associated with your BlueVine account. For new clients without an account, please use a mature email address. Newly created email addresses, even from your business domain, may make it more difficult to verify your identity. For efficient processing, we recommend applying with an email address that has been in existence for several years—even if it is a personal email address.
  • Triple-check your application. Minor errors and typos can delay your application—and it is not possible to update your application after submission. Please take your time to review the following for accuracy:
    • Bank account information (look at your accounts check to get the correct routing number) 
    • Consistent Employer Identification Number (EIN)/ Business Name in Payroll documents
    • Complete personal details (SSN / DOB / Address)

Make sure you have the documents you need

Our system can automatically review 941, 940, 944, 1120- S, Schedule C, and ADP Payroll documentation with a corresponding letter from the payroll processor. We’ll need to manually review anything else you submit to us, which can add time to the process.

  • For small businesses with employees: Upload quarterly 941 forms, yearly 940 or 944 forms, or “CARES SBA-PPP” document from your payroll provider. The 941 quarterly tax return is the preferred document and is used to report the federal withholdings from most types of employees. It notifies the IRS of a number of important figures, such as the employment taxes taken from employee pay and the amount owed to the IRS. Alternatively, you can provide your 2019 corporate tax return.  
  • For contractors & other non-employers: Upload your 2019 1040 – Schedule C form. If you have not yet submitted your 1040, you can provide a draft copy. Simply complete all required fields and upload the same file you would normally submit directly to the IRS. 
  • Initial Draw PPP applicants must provide payroll tax filings such as 941, 940/944, Scheduled C, or payroll process records, as well as bank statements or bank connections, and/or other documents pending SBA guidance. 
  • Second Draw PPP applicants must wait for the SBA to provide further guidance on required documentation. We’re diligently monitoring PPP information and will provide updates as we have them.

Tips for submitting and tracking your application

  • Only submit one application to BlueVine. Multiple applications will take resources away from your original application or other small businesses. Submitting multiple applications may delay your review or lead to it being declared ineligible.
  • Your account dashboard is the best place to check your application status. Our customer support team handles a substantial number of phone and email inquiries every day—while also balancing the review of applications. Please try to limit inquiries about the status of your application.  

We understand this is a difficult time for everyone, and we’re committed to helping business owners with government emergency relief resources and clear steps.

Please note: we’re still awaiting guidance from the SBA, and document requirements may change based on their guidance.

BlueVine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program. Our entire PPP application process, including retrieving your loan number, is automated and online. Get started with a fast and secure online PPP loan application.

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Disclaimer

The information, opinions, and advice in this blog post are provided for educational purposes only, and do not necessarily state or reflect those of BlueVine and/or its partners, including The Bancorp Bank and Celtic Bank. Neither BlueVine nor its partners are responsible for the accuracy of any content provided by author(s) or contributor(s). For information about BlueVine products and services, please visit the BlueVine FAQ page.