Unfortunately We Are No Longer Accepting Applications
We are currently unable to accept new applications for PPP loans, due to high volumes, limited SBA funds, and the program’s upcoming 5/31 expiration.
Secondly, are Blue Acorn PPP loans forgivable?
Essentially, Yes! For the purposes of the PPP Loan, you are considered the employee and your loan amount is used to pay yourself. With the updated guidance allowing 2.5 months’ worth of net income as OCR, meaning your entire PPP loan might be used for private purposes—essentially free money.
Furthermore, how can I get my PPP loan forgiven with a blue acorn?
In order to have your PPP loan completely forgiven, you are required to have spent the funds on:
- Payroll expenses (wages, salaries, cash or benefits) – * minimum of 60% of loan should have been spent here.
- Business mortgage interest payments.
- Business rent or lease payments.
- Business utility payments.
How do I cancel my Blue Acorn PPP loan?
If your application has not been submitted to the SBA and you want to cancel your Second Draw PPP loan application within QuickBooks Capital, send an email to [email protected].
How do I forgive PPP loan blue acorns?
You are required to apply for forgiveness; it is not automatic. If your loan was funded directly through Prestamos CDFI, you will apply through your Sparks portal. If you applied for your PPP through BlueAcorn, you will apply for forgiveness through the BlueAcorn portal once it opens in late July (anticipated).
How do I get approved for a PPP Blue Acorn loan?
The lender will let you know when that happens!
- Driver’s License for all owners with more than 20% share in your business.
- Bank Statements from 2019 and/or 2020.
- Have you registered your business with the state?
- Have you received a 1099 in 2019?
How do I get approved for Blue Acorn PPP?
To apply, you must have the following:
- Driver’s License for all owners with more than 20% share in your business.
- Bank Statements from 2019 and/or 2020.
- Have you registered your business with the state?
- Have you received a 1099 in 2019?
How do I get in touch with Blue acorns?
If you are trying to reach blueacorn.co regarding your PPP application, you can do so at [email protected] or via https://blueacorn.co/support/.
How long do blue acorns take to send?
Please expect 5-7 days for your docs. Thank you so much.
How long does Docusign Blue Acorn take?
Please expect 5-7 days for your docs. Thank you so much.
How long does it take Blue Acorn to fund PPP?
Once your loan has actually been approved, it can take up to 10 business days (Monday through Friday) for the loan to actually be funded and the money to hit your account.
Is Blue Acorn doing second draw PPP loans?
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.
Is Blue Acorn forgivable?
You can apply for forgiveness directly with the SBA or blueacorn. That said, we are encouraging our borrowers to apply via the Blueacorn portal so that we can assist them with any needs along the way.
Is Blue Acorn PPP legit?
As of April 26, 68 percent of Trustpilot user reviews of Blueacorn rated the company as “bad,” which is the lowest rating possible on the website. “This place is an absolute scam,” one reviewer wrote on the site in all caps that day. “If you run [a] business, steer clear.”
Is Blue Acorn PPP loans legit?
Yes. Blueacorn is 100% safe to use and uses 256-bit Secure Encryption technology to keep your financial information and personal details safe and secure.
Is it too late to apply for PPP?
It’s not too late to apply! IMPORTANT UPDATE FOR 2021: President Biden has signed an extension of the PPP loan program until June 30, 2021.
Is PPP still available today?
The Paycheck Protection Program is over, but there’s still aid available for small businesses. The federal government’s Paycheck Protection Program provided small-business owners with just under $800 billion in COVID-19 relief, according to the U.S. Small Business Administration.
What bank does Blue Acorn use for PPP?
What is the deadline for PPP loan forgiveness Blue Acorn?
Forgiveness must be requested within 10 months of the disbursement of your PPP loan. After 10 months you will be required to start making payments on your outstanding loan amount. Your lender will contact you directly after 10 months to arrange payment and service for your loan account.
What lender does Blue Acorn use?
Who funds Blue Acorn PPP?
Who is currently accepting PPP applications?
- America First Credit Union. America First Credit Union is currently accepting applications on its website. …
- Ameris Bank. Ameris Bank is accepting applications from borrowers who received their first PPP loan through the bank. …
- AmPac Business Capital. …
- AltCap. …
- Atlantic Capital Bank. …
- Bankers Trust. …
- Bank of America. …
- Bank of Hope.