1/7/2024 0 Comments Blue acorn ppp contact numberThe terms and restrictions for second-draw PPP loans are not the same as for first-time PPP loans, so businesses should be well aware of the changes before applying. Applications for second-draw PPP loans will be open until May 31, 2021, or until the money allocated for the program runs out. In 2021, many of those same businesses now have the opportunity to apply for a forgivable second-draw PPP loan, which can provide more short-term assistance.įollowing new coronavirus stimulus legislation passed in December 2020, the Small Business Administration (SBA) began accepting applications for second-draw PPP loans on January 13, 2021. businesses as a way to help them make it through the coronavirus crisis. In 2020, the federal government’s Paycheck Protection Program (PPP) provided forgivable loans to more than 5 million U.S. For more information on other grants, loans and programs available to small businesses, please see these articles:ģ0+ Grants, Loans and Programs to Benefit Your Small BusinessĪ Practical Guide to Funding Your Small Business with Business Loansįor more on stimulus aid still available, see our main story here. PPP applications are no longer being accepted. Updated 6/1/21: The PPP loan application portal is closed. Blueacorn saw enormous demand during this period, ultimately supporting 808,000 small business owners / sole proprietors via disbursement of $12.5 billion in SBA PPP funds.īlueacorn’s borrowers were the people who keep our economy running and weave together the fabric of our communities: beauty salon owners, truck drivers who are operating their business off their phone in between stops, our favorite local coffee shops and restaurants that define our neighborhoods, residential construction workers, rideshare or taxi drivers, landscapers, and local delivery workers, among a variety of other professionals.Following new coronavirus stimulus legislation passed in December 2020, the SBA began accepting applications for second-draw PPP loans on January 13, 2021. 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. 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.
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