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Lenders Using Gross Income/Line 7 Right Now: https://www.youtube.com/watch?v=2-bgiGIbQn8You do NOT have to use BlueVine. Bluevine. 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. Second-draw PPP loans have a different set of eligibility rules, notably you need to show a reduction in revenue. Reply. Many small businesses trust BlueVine because we have experience—we helped over 155,000 small businesses access critical funds in 2020, and we’re ready to help again. 2. BlueVine is now accepting applications for PPP. You can’t apply for a first-draw PPP loan AND a second-draw PPP loan at the same time, but if you act quickly, you can get your first draw funding and spend it in a legal fashion (i.e., on payroll expenses—which in the case of independent contractors, eligible self-employed individuals, or sole proprietors means paying yourself), and immediately apply for a second draw PPP loan if you qualify. You can only get a First Draw PPP Loan once; you can’t apply for a Second Draw PPP until you’ve used up the First Draw PPP money, and you can ask for the same loan amount. For more information on gross receipts, review our Calculating Gross Receipts support article. Paycheck Protection Program Second Draw Loan Borrower Application Form Identify a loan: First Draw PPP loans: If you have not received a PPP loan before, First Draw PPP loans are available to you. It effectively works the same as a regular PPP loan, with a few adjustments. The deadline for applying for a PPP loan is March 31, 2021. 1. I can't apply for the 2nd PPP loan and am stuck. This PPP round offers two loan options for eligible businesses: a First Draw for those who have not yet received a PPP loan and a Second Draw for those who did not receive a prior PPP loan. Bobbi(rep)was phenomenal and explained any questions i had with the application! Very disappointed customer and angry as I feel helpless. Here’s how it breaks down: Maximum loan amount: 2.5x monthly payroll costs, up to $2 million — with exceptions It took a wk from start to deposit for me!! Revenue drop: For loan amounts of $150,000 or more, you will need to provide documentation that shows gross receipts for the appropriate time period. To have your First and/or Second Draw PPP loan forgiven, ... and advice in this 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. PPP First Draw SBA Loan Number: Look at the paperwork you received when you received your PPP loan in 2020 to get your loan number. Close. report . Has anyone over here got their First draw of PPP loan from Bluevine and applied for the 2nd draw and been stuck for days? Borrowers can receive a PPP loan equal to 2.5 times average monthly payroll costs in 2019 or 2020. BlueVine recommends these documents, which have a higher likelihood of going through our automated system. best. First or second draw? Never recommend anyone to do business with BlueVine. SBA also offers additional COVID-19 relief options. Documents should be read-only. How Big Is the PPP Second Draw? Reply. If you can’t find it, contact the lender where you applied for the loan. Share. To be eligible for a Second Draw PPP Loan you must have experienced a 25% or greater reduction in gross receipts 1 over a certain time period. Tune in with us to see the qualifying question being asked by the SBA. The $900 billion COVID-19 aid bill includes a $284.5 billion allocation for First and Second Draw PPP loans. Please refer to the grid at the end of this article to determine which time periods you can compare. Here's what you need to know Here's what you need to know Published Wed, … The Second Draw loan is a second round of new coronavirus assistance available to small businesses that have been particularly impacted by COVID-19. Jan 26, 2021 #2 There's a big mess at the SBA they're backed up just have to wait . This round of PPP started on Jan 13, 2021 and lasts until Mar 31, 2021. Yes. 8 comments. Fast and efficient. share. Applications for Round 2 of PPP loans open the week of January 11, 2021. For most borrowers, the loan can be for up to 2.5 times your monthly payroll expenses, giving you a lifetime total of 5 months worth of payroll expenses through the program. Businesses will qualify for an amount 2.5 times the average from the last 12 months of payroll. It's been more than 3 weeks, BlueVine hasn't made any effort to resolve my issue (Case # 255132,233051). For example, if the average monthly payroll is $30,000, that small business will qualify for $75,000 in Paycheck Protection loans. A. Atejada Active Member. hide. Updated: Jan 20, 2021, 11:39am. Report Save. I applied on last Wed. And my app has been stuck since the day I applied. Reduction in Gross Receipts of at Least 25%: This is where it gets complicated! How and When to Apply . A Second Draw allows you to receive a second, potentially forgivable disbursal of funds. PPP Round 2 loan applications now open. 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. PPP Second Draw allows borrowers who previously received a PPP loan to receive a second potentially-forgivable loan to be used toward payroll expenses, rent, utilities, and mortgage interest. Report Save. Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million. BlueVine: This online business lender will accept applications from any small business interested in applying for a PPP loan for first or second draw loans. The PPP loan process with the BlueVine group was very easy and very fast!! Existing BlueVine customers will … What Is a PPP Second Draw? Hope everything is going well. Second Draw PPP Loans: Here’s What You Need To Know. Editorial Note: Forbes may earn a … New rules for self-employed and gig workers applying for PPP loans are out. You can now apply for a Second Draw on your PPP loan. I wish I hadn't applied first time around. Reply. 1 day ago. The plans of Bluevine are very flexible, which makes it suitable for everyone as everyone has different requirements. First of all, if you never took a PPP loan, you can still apply for a first-draw PPP loans under the more lenient first-draw eligibility rules. Please enable it to continue. You've already flagged this Customer 3 reviews. How much money can I get from the PPP? Continue this thread level 1. Any help would be awesome! 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. #PPP2.0 #stimuluschecks #PPPThis is your PPP 2.0 update on Draw 2 through BlueVine. Neither BlueVine nor its partners are responsible for the accuracy of any content provided by author(s) or contributor(s). If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. Second draw PPP loans have a $2 million ceiling (note that first draw PPP loans still have a $10 million dollar ceiling). Eligibility requirements and documentation are determined by whether the PPP loan is a First or Second Draw, among other factors. First Draw PPP loan . level 1. Second Draw PPP Loans are also eligible for loan forgiveness on the same terms and conditions as First Draw PPP Loans. And you must have documentation to prove a 25% loss in revenue from either the previous year or from a previous quarter. Posted by 1 day ago. 1. Using the strength of our technology-enabled product, many of our applications can be reviewed automatically. Bluevine. I can't apply anywhere else. 100% Upvoted. Share. Useful. Second Draw PPP loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan. 2. Reached out to support multiple times. We're sorry but vue-login doesn't work properly without JavaScript enabled. So, for the vast majority of … Additionally, you can also calculate Second Draw loans based on revenue. Log in or sign up to leave a comment Log In Sign Up. PPP Loans with BlueVine Apply for First or Second Draw . Certain supporting documentation is required to apply for a PPP loan. Has anyone used bluevine? Share. Editable PDFs will not be accepted by BlueVine. Sort by. Original Poster 1 day ago. Funds are limited, so act quickly. save. Robin Saks Frankel Forbes Advisor Staff. level 2. 2. Revenue Drop Documentation. Basic two-prong structure: First Draw PPP Loan: Small businesses that did not receive a loan under the first PPP program may be eligible for a loan under this new round Gig workers applying for PPP loans loan from BlueVine and applied for the 2nd PPP is... For self-employed and gig workers applying for PPP loans with BlueVine apply for the Draw... Has anyone over here got their First Draw PPP loans with BlueVine apply a... Technology-Enabled product, many of our technology-enabled product, many of our technology-enabled product, many of our product... ) was phenomenal and explained any questions i had with the BlueVine group was easy. 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