Line 6 calculates all of the money spent from your loan total to cover payroll, mortgage interest, rent, and utilities. These include mortgage interest payments, rent, and utilities. 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. For line 9, just provide the total amount of the PPP loan you received. Self-employed borrowers can indicate an irregular payment schedule by selecting “other.”. BlueVine is working on digitized versions of these forms within the platform. 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. PPP Latest News and Updates. This is your total forgivable loan amount, tabulated based on the information you provided on each of the other lines in the Forgiveness Amount Calculation section of the application. The amount of forgiveness provided by the SBA depends largely on employee-related matters during the term of the PPP loan. This section serves as a preamble to the actual amount of forgiveness you’ll be applying for. BlueVine offers fast, easy-to-manage lines of credit that your business can access in a matter of hours when you need to make a draw. BlueVine is working around the clock to quickly and diligently process PPP loan applications. If you're still interested in assistance, please reach out to us directly at (888) 216-9619 or banking.support@bluevine.com. Banking Services provided by Radius Bank, Member FDIC. Fundbox is trusted by 70,000+ businesses. In 2020, BlueVine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses. If you received your loan from Celtic Bank through BlueVine, this process is digitized, and we’ll reach out when it’s the right time to apply. I tried our bank and went through all the trouble just to be told we had to wait. When you run a business like ours, you need the extra cash for back up. Rates, credit lines, and terms may vary based on your creditworthiness and are subject co change. 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. The Small Business Administration (SBA) has released additional information that deferred loan forgiveness and all payments (including principal, interest) by up to 10 months after your covered period (8-weeks vs. 24-weeks).. BlueVine is working to release an online forgiveness application. You’ll have to crunch some numbers as they pertain to the number of staff you employed during your loan term, their cash compensation, non-cash compensation (e.g., health insurance or retirement plan contributions), hours on the job, and compensation paid to business owners. 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. Use your available credit line when you want, for any business need. BlueVine® is a registered trademark of BlueVine Inc. The PPP Loan Forgiveness program is complicated, but the opportunity to have a fully forgiven loan is extremely advantageous for small business owners. We’ll share more details as soon as possible. © 2020 BlueVine Inc. All Rights Reserved. There are several FTE figures you’ll need to calculate as part of your forgiveness application. Most of the major conditions remain the same: self-employed borrowers still need to use no less than 60 percent of their loan to cover payroll (or net profit, in this case), no more than 40 percent toward qualifying expenses (mortgage interest, rent, or utilities payments), and that payroll totals do not exceed $100,000 on an annualized basis. Mastercard is a registered. Open a free online business checking account today. "? 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. We plan to participate in additional Paycheck Protection Program rounds in 2021, as passed by Congress. Both will ask you for a series of administrative details, including: ●        Employees at time of loan application, ●        Employees at time of forgiveness application, ●        Economic Injury Disaster Loan (EIDL) advance amount, ●        Economic Injury Disaster Loan (EIDL) application number. Knowing the PPP loan forgiveness rules, and which PPP loan forgiveness application to use may mean maximizing the amount of your loan that ends up not having to be repaid. 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. BlueVine Help Center; BlueVine Business Checking BlueVine Business Checking. Our support team does not have additional information at this time. If businesses offered to hire formerly-terminated employees after receiving their PPP loan, and employees rejected their offer, they may still be eligible for the same amount of forgiveness as they would have received if the employee re-joined the company. The information, opinions, and advice in this blog 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. If you wait, you’ll also have more time to accrue and track eligible expenses, which may help you maximize your business’s loan forgiveness amount. Considering that current legislation has provided an additional $600 in unemployment benefits, some former employees may stand to make more by remaining on unemployment and have rejected offers (at a reduced salary) as a result. BlueVine has been a great partner to us and I personally cannot be more grateful. The total average FTE during the covered loan period can be calculated in one of two ways. What you enter on these lines will directly impact your actual forgiveness total, so be sure that your information is accurate so far. Our entire PPP application process, including retrieving your loan number, is automated and online. Founded in 2013, BlueVine has raised more than $690 million, according to Crunchbase. 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. You’ll also want to indicate if you’ve opted for the Alternative Payroll Covered Period. 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. 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. BlueVine makes business funding quick and painless. Applicants have up to 10 months from the end of your covered period to apply for loan forgiveness, and repayments, if applicable, won’t begin until Fall 2021. BlueVine’s PPP approach. For accounts opened before November 1, 2020, see. 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. If you’re unsure about whether or not the Alternative Payroll Covered Period applies to you, be sure to contact your accountant and legal professionals. Find out how... You just got a small business loan. 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. You can determine your average FTE from one of two reference periods: February 15, 2019–June 30, 2019, or January 1, 2020–February 29, 2020. Enjoy no long-term contracts or prepayment fees. 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. And I just got email from chase saying my PPP is approved and money will be deposited in 3 days. 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