Bluevine looks line they just stopped PPP applications Is anyone getting a notice from Bluevine saying "The SBA is not accepting new submissions at this time, but we’ll hold your application and submit it immediately once Congress approves more funds for the Paycheck Protection Program. Next, you’ll want to use what you have on file to determine if you need to fill out the long form version, or if you can submit the EZ version. The PPP loan forgiveness program offers borrowers with a unique opportunity to have some—or all—of their loan forgiven, so long as they meet certain criteria. In other words, any money paid out to business owners during the covered loan period needs to be reflected here. For line 9, just provide the total amount of the PPP loan you received. For line 10, take your line 1 total and divide it by .60. Get started with a fast and secure online PPP loan application. Line 6 calculates all of the money spent from your loan total to cover payroll, mortgage interest, rent, and utilities. This section addresses any reductions in staff or working hours that may have arisen during the covered period of your PPP loan. Understanding and Filling Out Schedule A for PPP Loan Forgiveness, Non-Cash Compensation Payroll Costs During the Covered Period, What to Expect After Filing for PPP Loan Forgiveness, Some in the accounting industry suggest that whichever period yields a lower FTE number may be the better option, as you will want this number to be as close to the FTE during your covered period as possible, You kept your staffing/FTE the same during the term of your loan as it was earlier in 2020, You couldn’t operate normally due to health regulations (i.e., FTE Safe Harbor 1), You ended up with a higher FTE at the end of your loan (or at the end of 2020) than you did when you got your loan, and your FTE as of February 15, 2020, was greater than your FTE average between February 15–April 26 (i.e., FTE Safe Harbor 2). BlueVine is working on digitized versions of these forms within the platform. We're happy to help. BlueVine's Flex Line of Credit is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. I guess you are approved by another place, just wait. You’ll also have to fill out their average FTE (more on that below). Using the strength of our technology-enabled product, many of our applications can be reviewed automatically . Everything you need to know about applying for PPP loan forgiveness and whether to opt for... What do you need to know about the SBA’s PPP loan forgiveness policies? In 2020, BlueVine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses. In essence, if you needed to use your PPP loan funds to pay your payroll in a way that doesn’t line up chronologically with your loan’s covered period, you’ll want to provide the first and last date of your payroll in which you pulled from PPP funds to pay employees. BlueVine, DoorDash PPP Loan Tool for Restaurant Owners. If your PPP loan originated with us, expect further communication in the days and weeks to come. Specifics on the appeals process are still forthcoming. If you're still interested in assistance, please reach out to us directly at (888) 216-9619 or [email protected] With a completed PPP loan forgiveness application form filled out, you’ll submit this and other documents (as necessary) to your lender in order to begin the process. Mitch from Client Success, Desirae from Client Care, Kanishka from Portfolio Management. You can also account for employees who rejected offers to return to their job, were fired for cause, resigned, or requested a reduction in hours during the covered period of your loan. This table asks you to list out your employees’ names, an identifying number for the employee, their cash compensation (including salary/wages, commissions or tips received, paid leave, and severance pay), how many hours they work (even if full-time), and any reduction in their hourly wages or salaries. Use your available credit line when you want, for any business need. This company has the best customer service. If you received your loan from BlueVine, this process will be digitized, and we’ll reach out when it’s the right time to apply. The total average FTE during the covered loan period can be calculated in one of two ways. Your deposits are FDIC insured up to at least $250,000 through The Bancorp Bank; Member FDIC. Self-employed borrowers can indicate an irregular payment schedule by selecting “other.”. Some exceptions, allowing for full loan forgiveness, apply if laid off staff did not want to return to work, or were otherwise non-responsive to offers to rejoin the company. Our support team does not have additional information at this time. Rates and terms may vary based on your creditworthiness and are subject to change. Sign up with Fundbox today and learn how to apply for advancement on unpaid invoices. You can also list out any payment of state and local taxes as based on employee compensation here as well. BlueVine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program. Your Customers tab provides useful information regarding each customer you have submitted to BlueVine. November 3, 2020 Leave a comment. Adding a Transfer Account Lines 9 and 10 are straightforward. Additional fees apply. You’re not obligated to provide this information; however, if you choose to do so, it’s as simple as listing your veteran status, gender, race (or ethnicity). We’ll share more details as soon as possible. Unlimited transactions, live support, and no monthly fees. The PPP loan forgiveness application is available from the SBA, but as you can see from the above examples, there is no rush in submitting one.If you received your loan from Celtic Bank through BlueVine, this form is digitized so there is no need to download from the SBA. In September, the company announced it secured a $75 million revolving credit facility from New York-based investment manager Atalaya Capital Management. So far, the specifics on what happens after filing your loan forgiveness application are scarce. If your PPP loan originated with us, expect further communication in the days and weeks to come. What is the Alternative Covered Payroll Period? More than 155,000 small businesses from across the country received PPP funding from BlueVine alone—and the $4.5+ billion that we delivered in PPP loans helped save 470,000+ jobs.. This figure goes on Line 11. One of the most appealing parts of PPP loans is the potential to have the entirety of the loan forgiven. You may be charged out-of-network ATM fees, even if you don’t complete the transaction. All PPP loan forgiveness applicants will need to provide proof of how they spent their funds. The information provided through Kabbage Insights™ does not constitute legal, tax, financial or accounting advice, and should not be considered a substitute for obtaining competent personalized advice from a licensed professional. Thank you, BlueVine Team 1 Additionally, we offer a simple, easy-to-use dashboard and mobile app to deposit checks, view your balance, and other everyday banking activities. Businesses that suffered economic hardship due to COVID-19 related business disruptions (e.g., closure due to health directives) or did not reduce their staff can submit an EZ form. Some borrowers may want to go with the eight-week covered period if they used funds to rehire or replace staff—especially if they have encountered financial difficulties with keeping this staff employed during the longer 24-week period. Our entire PPP application process, including retrieving your loan number, is automated and online. And I just got email from chase saying my PPP is approved and money will be deposited in 3 days. The EZ form is more straightforward than the long form, as the name suggests. BlueVine® is a registered trademark of BlueVine Inc. 6054789. Process was simple. Share it with your friends, When Business Owners Should Apply for Forgiveness, PPP Loan Forgiveness Program Guidelines for Businesses With Employees, PPP Loan Forgiveness Program Guidelines for Self-Employed Borrowers, What You Need Before Applying for PPP Loan Forgiveness, Which PPP Loan Forgiveness Application to Use, How to Fill Out the PPP Loan Forgiveness Application. Apply online and get approved in as fast as 5 minutes. Fundbox is trusted by 70,000+ businesses. Self-employed people who use a payroll service, however, may need to provide this information as per current SBA PPP forgiveness rules. bluevine ppp loans login. Find out how... You just got a small business loan. At BlueVine, the entire team switched focus from standard, day-to-day operations to delivering PPP loans with the best customer service on the market. Borrowers that had to reduce their headcount (other than those unable to rehire or replace staff), used less than 60 percent of their loan total toward payroll, or used their funds for unapproved purposes must all use the long form version. The program has been a lifeline for many small businesses across the country. The SBA has indicated that self-employed persons healthcare benefit costs should be already included in net income reporting on Schedule C.  So self-employed persons are not permitted to separately list these costs as a payroll expense for forgiveness purposes. Note that you only need to include employees who are U.S. residents and employees that either made less than $100,000 in 2019 or are on track to make less than $100,000 for 2020. Applications are subject to credit approval. Borrowers that have employees will want to pay special attention to documents pertaining to staffing. According to the company, anyone can apply, not just existing clients. Bluevine and its Ppp loans: Bluevine is a company which provides loan for businesses; the business loans contain invoice factoring, term loan, line of credit, etc.The company receives online applications conveniently; the company supports new entrepreneurs. Now on day 22 without funding. BlueVine is working on digitized versions of these forms within the platform. If you received money through the EIDL program, you will need to indicate that on your application. Table 1 can be found on page four of the application. BlueVine’s PPP approach. Applications are subject to credit approval. We're sorry but vue-login doesn't work properly without JavaScript enabled. But you need more funds for your business, so... BlueVine’s Flex Line of Credit and Term Loan is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Banking Services provided by Radius Bank, Member FDIC. There are several FTE figures you’ll need to calculate as part of your forgiveness application. FLEETCOR has engaged with BlueVine, a provider of small business banking, to deliver this critical support to its small business customers. If you’re filling out the EZ form, skip this section. 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. Signing up to NorthOne takes as little as 3 minutes. Deposits, Transfers and Payments. This is the amount of money you are seeking to have forgiven on the application, so be sure you’ve arrived at the right calculations throughout the entire section. Rates, credit lines, and terms may vary based on your creditworthiness and are subject co change. PPP loan forgiveness rules from the SBA have undergone several changes, and there’s a strong likelihood there may be more to come, and those changes could be beneficial to you. BlueVine has been a great partner to us and I personally cannot be more grateful. Line 8, which calculates the “modified total” of the values you’ve entered in lines 6 and 7 of the application. As long as you can document the offer and rejection, you will not be on the hook for these employees from an FTE perspective. The first part of Schedule A, titled “Table 1 Totals,” accounts for how much you paid your employees out of the entirety of your PPP loan amount. These businesses also must not have reduced employee salaries by more than 25 percent. Please enable it to continue. The PPP Loan Forgiveness program is complicated, but the opportunity to have a fully forgiven loan is extremely advantageous for small business owners. Note that healthcare premium payments are not currently covered as forgivable expenses. Card Replacement Fees and Wire Transfer Fees may apply. If staff or employees were terminated before the loan period began, and were re-hired after the business received PPP funds, this may significantly impact the total amount of loan forgiveness offered. But if you received your loan before this date, you can opt for the shorter period, so long as you used the funds within an eight-week period. We’ll share more details as soon as possible. BlueVine Business Checking offers no monthly, incoming 2 wire, ATM , or NSF fees, dedicated live support, and 1.0% interest (20x the national average 4) earned on checking balances up to $100,000. Bluevine PPP approval in less than 3 hours! Rates, credit lines, and terms may vary based on your creditworthiness and are subject co change. If your business tried to rehire staff, only to have their offer rejected, be sure to have a formal rejection letter (and any correspondence) on hand. Our advisors have worked with you to resolve the issue. If you received your loan before June 5, 2020, however, you can opt for an eight-week covered period. If you received PPP funding—either from BlueVine or another lender—you … So long as you used no more than 40 percent of your loan to pay for mortgage interest, rent payments, or utilities, you are likely to have the total amount of these expenses forgiven as well. Your completed data from Table 1 then goes into this section on each of the lines specified. After we have opened up our application process, it may be beneficial to wait to apply for forgiveness with our online application. The deadlines and processes around submitting forgiveness applications remain the same for self-employed individuals as it does for businesses with employees. BlueVine Help Center; BlueVine Business Checking BlueVine Business Checking. BlueVine's Flex Line of Credit is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. The company had continued to offer its normal lending products even while others in the industry paused completely, the company says. If more than one owner received compensation, you’d need to add a table that provides the names of each owner paid out, as well as the payments each of them received. You’ll have to list out how much money from your loan went to: ●        Business mortgage interest payments, ●        Healthcare plan payments (for businesses with employees), ●        Salary, wages, commissions, and tips (up to $100,000 for each employee on an annualized basis), ●        Employee benefits (which includes paid leave, severance pay, insurance premiums, and retirement benefits), ●        State and local taxes, which are assessed on employee pay. Get started with a fast and secure online PPP loan application. trademark, and the circles design is a trademark of Mastercard International Incorporated. You’ll also want to indicate if you’ve opted for the Alternative Payroll Covered Period. You can qualify with fair credit and relatively little documentation is required. PPP Latest News and Updates. PPP Borrower Demographic Information Form. It adds together several of the preceding lines to reflect how your PPP loan funds were spent, and if they were apportioned to the right expenses. © 2020 BlueVine Inc. All Rights Reserved. The BlueVine checking application is free and takes around five minutes to complete. The “Non-Cash Compensation Payroll Costs During the Covered Period or the Alternative Payroll Covered Period” deals with expenses that you used your PPP loan to pay for in order to provide employees with benefits like health insurance and retirement plan contributions. Whether you’re filling out form 3508EZ (or EZ, for short) or the regular 3508 (long form) application, there are several steps you’ll want to take before you begin. The original PPP in place before June 5 specified that borrowers had only eight weeks to use their funds. For information about BlueVine products and services, please visit the BlueVine FAQ page. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Unlimited transactions, no minimum balance required, 1.0% interest on your balance up to $100,0001, Pay vendors and bills by ACH, wire, or check. We plan to participate in additional Paycheck Protection Program rounds in 2021, as passed by Congress. Sign up for updates and we’ll email you with more details. Even in the worst-case scenario, a PPP loan is still much less expensive than a typical SBA loan, which is good news for borrowers. By clicking the above, you confirm that you’ve read BlueVine’s privacy policy. Remember that, for self-employed borrowers, payroll costs can be considered any payments made directly to yourself from your loan—including disbursing the full amount to yourself. Although it may be beneficial to wait until further legislation is passed, applying for forgiveness is one of many smart business decisions to make as we ride out a turbulent economic period for entrepreneurs and business owners across the country. The PPP terms allow for new hires to count toward forgiveness as if they were re-hired employees, so be sure that there’s as much information as possible as it pertains to new hires. There are 3 easy ways to fund your BlueVine Business Checking account: Transfer from an external account via ACH or Wire; Use mobile check deposit in the BlueVine app; Deposit cash at 90,000+ retail locations; How do I transfer money into this account? Depending on how you used your funds, you may see either a portion of your total loan on line 11 or even the entirety of it. Therefore, there is no payroll information required—nor calculations regarding payroll required by way of the PPP loan forgiveness long-form application. 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