Many were also unwilling to lend to individuals altogether.īlueacorn was founded in April 2020 with the singular purpose of advancing the original mission of PPP by democratizing access to loan relief for America’s small businesses, independent contractors, and self-employed workers – groups who are often overlooked by our traditional banking system and could not seek relief through the traditional PPP channels.Īs a fintech lender service provider, Blueacorn partnered with the Small Business Administration (SBA) and CDFIs to facilitate the application for and fulfillment of PPP loans predominantly for businesses and workers who qualified as independent contractors, self-employed individuals, freelancers, and gig workers. However, due to the structure of the program, it became clear that there was a growing divide when it came to loan disbursement, with lenders prioritizing applications for clients who would take out the largest loans and bring in the highest fees. The launch of PPP was met with enormous demand and the program was renewed two times to meet the flood of applications. PPP was designed to be an intentionally untargeted program with limited safeguards in place so as to prioritize reaching those in need as quickly as possible. Given the severity of the threat posed by COVID-19, the government sought to create a program that focused on speed and access.
Once you fill up their application form, it will only be days away from your loan forgiveness once you qualify.PPP was a cornerstone program of the CARES Act, intended to help employers keep their employees on their payroll by covering up to two months of their payroll expenses with a loan that could be completely forgiven if it was spent in accordance with the program’s guidelines. If you think loan forgiveness can help you, go for it with Blue Acorn. However, they have a contact form and a complete mailing address apart from an email ID which helps users connect easily. There is no available Blue Acorn PPP number. STEP 5 – Once users press the Submit button, Blue Acorn will send the paper works to the bank.Īlso read: PPP Loan Forgiveness Wells Fargo Online Application BlueAcorn PPP Phone Number STEP 4 – Upload all the important, essential, and required documents. STEP 3 – Answer questions that the company asks you to answer. If you don’t have an account, register an account with them using your email or phone number. STEP 2- Sign in with your registered email address. STEP 1- Go to the Blue Acorn official site. To apply for the Blue Acorn PPP Loan, follow the given steps below. – Apart from that you need to also submit a copy of your driver’s license.Once you have taken the quiz and found yourself to be eligible for the loan, submit the application by filling up some information needed to be given to SBA. – How much loan money can be sanctioned to you?.– SBA funds get directly transferred to the given bank account number within 9-14 days from application.īlue Acorn has a specially designed 60-second quiz that will let you know.
– Loan approval time takes just 1-2 days when compared to more than two weeks with other big banks.– The application process takes only 5-10 minutes as opposed to more than 45 minutes for other banks.
With Blue Acorn, one can have three benefits when filing for loans or PPP loan forgiveness. More money has been planned for small businesses and self-employed people as opposed to PPP Round 1 when most of the money was channelized to big corporates.Īlso read: Womply Fast Lane PPP Application Step by Step Guide PPP Round 2 got approved in December 2020 and has newer rules. For loans below $100,000, applicants would not require any personal guarantee, collateral, or credit checks, and do not even need to undergo criminal checks.
Most small businesses do not realize that they qualify for forgiveness of PPP loans when the money is spent on wages, benefits, and utilities.
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