Apply for the Paycheck Protection Program
The SBA Paycheck Protection Program
On December 27, a second round of stimulus legislation was signed into law. It included additional funding for the PPP as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. The Act has significant impacts to the PPP, including approximately $284 billion for additional lending and streamlined forgiveness for loans of $150,000 or less.
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We encourage you to consult your accountant or legal counsel on how these new rules may impact your business. We’ll continue to update this page and communicate more information as it becomes available.
1. Find a lender:
2. Identify a loan:
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First Draw PPP loans: If you have not received a PPP loan before, First Draw PPP loans are available to you.
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Second Draw PPP loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan.
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Interest rates for the Paycheck Protection Program ("PPP') are at 1%. PPP loans are made by one or more approved U.S. Small Business Administration ("SBA”) lenders. Loan agreements will identify the appropriate lender to small businesses at signing. Funds are limited, and may not be available at this time. If funds are available, qualified applications will be submitted to the SBA. BlueVine may need additional information from you later and does not guarantee that it will be able to submit your application to the SBA based solely on the information you provide now. BlueVine does not guarantee that applications will be processed and submitted before PPP funds are no longer available. There are no fees for applying for PPP or forgiveness. Approval and loan forgiveness are subject to your ability to meet government-set eligibility requirements. Learn more.
PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any second draw. If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for up to 3.5x monthly payroll costs for a second draw. All second draws are limited to $2M.
To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and record in about the beneficial owners of legal entity customers at the time a new account is opened. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
Please note, the SBA has limited loan forgiveness for applicants who are self-employed. Per SBA rules, if you do not have formal business expenses that you report on your Schedule C, you will be limited to having 60% of your loan forgiven. The extent to which you are eligible for forgiveness depends on the forgiveness rules and regulations issued by the SBA.