Unlock Funding with Blue Acorn PPP: A Step-by-Step Guide to Applying
Are you a small business owner who’s been impacted by the COVID-19 pandemic? Did you know that there are government-funded programs that can help you stay afloat during this crisis? The Paycheck Protection Program (PPP) is one such program that offers forgivable loans to small businesses to cover expenses like payroll, rent, and utilities. In this step-by-step guide, we’ll walk you through the process of applying for a PPP loan through Blue Acorn, a trusted lender that has helped numerous small businesses access PPP funds.
Section 1: What is Blue Acorn PPP?
Blue Acorn PPP is a lending program designed to help small businesses access forgivable loans through the PPP. Blue Acorn is a part of the Cross River Bank, which is an approved SBA lender. By partnering with Blue Acorn PPP, you can apply for PPP funds directly on their website.
Section 2: Requirements for Applying
To apply for a PPP loan through Blue Acorn, you must meet certain requirements. First, you must be a small business with fewer than 500 employees. You can also be an independent contractor, self-employed, or a sole proprietor. Additionally, you’ll need to provide documentation to prove that your business has been impacted by the COVID-19 pandemic.
Section 3: How Much Funding Can You Get?
The PPP loan amount you qualify for depends on your average monthly payroll costs. The maximum loan amount you can receive is up to 2.5 times your average monthly payroll costs, up to a maximum of $10 million. The loan term for PPP loans is five years and the interest rate is just 1%.
Section 4: Steps to Apply for PPP Funding
Applying for PPP funding through Blue Acorn is relatively straightforward. Follow these steps to apply:
1. Begin the application process by visiting the Blue Acorn website.
2. Fill out the application form with your business information.
3. Upload the necessary documents to verify your business eligibility.
4. Provide your average monthly payroll costs to determine your loan amount.
5. Submit your application.
Section 5: Documents Required for the Application
To apply for PPP funding through Blue Acorn, you’ll need to provide documentation that proves your business’s eligibility. Here are some of the documents you may need to provide:
1. Business and tax information
2. Proof of your business’s legal structure
3. Bank statements
4. Monthly payroll records and tax filings for the last year
Section 6: What to Expect after Applying
After you submit your application, it will go through a review process. Blue Acorn will contact you if they need to request further information or documentation. Once your loan is approved, Blue Acorn will provide you with the loan agreement that outlines the terms and conditions of the loan.
Section 7: Commonly Asked Questions about Blue Acorn PPP
Q. Can I apply for a PPP loan if I have already received one?
A. Yes, if you have already received a PPP loan, you can apply for a second loan as long as you meet the eligibility criteria.
Q. Are the loans forgivable?
A. Yes, if you use the loan amount for eligible expenses like payroll, rent, and utilities, the loan is forgivable.
Q. How long does it take to receive the loan funds?
A. The timeframe for receiving the loan funds can vary, but it typically takes several weeks.
Q. Can I select my own payroll time period for calculating the loan amount?
A. Yes, you can select either the previous 12 months or the 2019 calendar year for your payroll period.
Q. What happens if I use the loan funds for non-eligible expenses?
A. If you use the loan funds for non-eligible expenses, the loan will not be forgivable and you’ll have to repay the loan with interest.
Q. Can I apply for PPP funding through Blue Acorn if I have international employees?
A. No, PPP funds cannot be used to pay the salaries of employees who reside outside the U.S.
Q. What happens if I don’t spend all of the loan funds on eligible expenses?
A. If you don’t spend all of the loan funds on eligible expenses, the amount that was not spent will be converted into a non-forgivable loan with repayment terms.
Conclusion
The Blue Acorn PPP lending program is an excellent resource for small businesses struggling to stay afloat during the pandemic. By getting PPP funding through Blue Acorn, you’ll have access to forgivable loans that can cover your expenses, allowing you to retain your employees and keep your business up and running. If you’re struggling to navigate the PPP application process, reach out to Blue Acorn for assistance. Don’t miss out on a chance to get the funding you need to survive during these challenging times. Apply for a PPP loan with Blue Acorn today.