The American Institute of CPAs sent a letter to the Small Business Administration (SBA) on February 3, 2021 urging it to correct the processing errors and delays that small businesses are experiencing with the current Paycheck Protection Program (PPP) loan application system. Amur, an approved SBA PPP lender, is one of the largest independents in the US. With EIDL grants also returning, it’s now possible for qualifying businesses to take full advantage of both programs. As a result, we are counseling people to apply directly to the SBA for an Economic Injury Disaster Loan, for now. The United States Congress passed the 2020 CARES Act in March 2020 which made up to $659 billion in loans available to small businesses impacted by Coronavirus in the Paycheck Protection Program.In December 2020, the government passed a second round of the Paycheck Protection Program that includes another $284.5 billion for new loans, split between first time (first … Those larger businesses had exploited a loophole that allowed restaurants to get approved for PPP loans as long as they had fewer than 500 employees at any given location. Get started. However, the completed timeframe is on a case by case basis. Loan note: If you received your First Draw PPP loan from a lender other than BlueVine, you’ll need to submit the loan note for your First Draw. In the prior rounds of PPP, Philadelphia's Republic Bank, for instance, filled out all 5,200 of its approved loan applications by hand. One of the main differences between PPP 2020 and PPP 2021 is the ability for businesses who have already received a PPP loan to apply for a second draw. Fundbox is no longer accepting PPP applications, however, the SBA can help you find a PPP lender. You’ll need to fill out the application directly on their site. BLUEVINE. How long does it take for me to get the money? If you wait to apply, there will be a deferment of all payments (including principal, interest) for up to ten months after your covered period. Note: You can apply for a PPP loan through BlueVine even if you received a loan through another bank in an earlier round. Through BlueVine, the application process is simple. How long will the Paycheck Protection Program last? Blue acorn helps self-employed and 1099s qualify for a Forgivable PPP loan from the SBA. Why Does the SBA Take So Long to Approve My PPP Loan? Of course, this resulted in lots of frustrated business owners. What Credit Score Do You Need for a BlueVine Loan? Our portal provides a seamless application process making it easy for you to apply and secure your place in line for the next round of PPP. We assure you that we’re working around the clock to help you get funded as quickly as possible. There’s also no fee to when you make a draw, although BlueVine does charge a $15 wire transfer fee if you want to get your money the same day you request it. If the tenth calendar day is a Saturday, Sunday, or legal holiday, the period continues to run until the end of the next busines day. Do the documentation. BlueVine lines of credit start at 4.8% APR, but it doesn’t state a maximum APR. 0 Likes Mark as New; Bookmark; Subscribe; Subscribe to RSS Feed; Permalink; Print; Email to a Friend; Report Inappropriate Content; Message 15 of 151 22,903 Views ashc ‎04-30-2020 07:57 AM. How long does PPP last? To sign up for updates, go here. The Treasury Department has reopened the Paycheck Protection Program (PPP), following new guidance on the small business forgivable loan program. Once a PPP loan application is approved by the SBA, by law you are supposed to receive the disbursement from your lender within 10 calendar days. Since funds are based on 2.5 times monthly payroll costs, borrowers typically use PPP loans within that time frame. Once you’ve determined how much of your PPP loan you spent on cash compensation, employee benefits, and owner compensations, you’ll add all of the amounts together to find the total amount you spent on eligible payroll costs. The information discussed in this article was collected from a variety of external sources, and to the best of our knowledge, was correct as of December 28, 2020. How long does it take for my second draw PPP loan to be forgiven? You can also find answers to some common questions in the FAQs about the Paycheck Protection Program (PPP). The PPP process takes approximately 10 days to complete. A little legwork can go a long way when applying for a PPP loan. Additionally, the application proves the PPP … To calculate your First Draw loan amount as a small business, you’ll need to use the step-by-step business loan calculator provided by the SBA. Using the strength of our technology-enabled product, many of our applications can be reviewed automatically. Does anyone know or have experience on how long that process is taking from the time that you are approved through square capital and then it is sent to the SBA? Your covered period refers to the time frame you have to spend your PPP funds on eligible expenses to qualify for forgiveness. 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. 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