The Paycheck Protection Program (PPP) has been a lifeline for many small businesses during the COVID-19 pandemic. The program provides loans to businesses that can be forgiven if certain criteria are met. One of the most common questions about the PPP is whether or not businesses can receive a second draw.
Can I Get a Second Draw PPP Loan from BlueAcorn?
Yes, you may be eligible for a second draw PPP loan from BlueAcorn if you meet the following criteria:
- You have already received a first draw PPP loan.
- You have used all of the funds from your first draw PPP loan.
- Your business has experienced a 25% or more reduction in gross receipts in any quarter in 2020 compared to the same quarter in 2019.
- You have 300 or fewer employees.
- You meet the other eligibility requirements for the PPP.
How Much Can I Borrow with a Second Draw PPP Loan?
The amount you can borrow with a second draw PPP loan is based on your average monthly payroll costs in 2019 or 2020. The maximum amount you can borrow is $2 million.
How to Apply for a Second Draw PPP Loan from BlueAcorn
To apply for a second draw PPP loan from BlueAcorn, you will need to:
- Visit the BlueAcorn website.
- Click on the “Apply Now” button.
- Complete the online application.
- Submit your application.
What Documents Do I Need to Submit with My Application?
When you apply for a second draw PPP loan from BlueAcorn, you will need to submit the following documents:
- A copy of your first draw PPP loan forgiveness application.
- A copy of your most recent tax return.
- A copy of your business license.
- A copy of your voided check.
How Long Does It Take to Get Approved for a Second Draw PPP Loan?
The approval process for a second draw PPP loan typically takes 2-3 weeks. However, the process may take longer if the SBA is experiencing a high volume of applications.
What Are the Benefits of Getting a Second Draw PPP Loan?
There are several benefits to getting a second draw PPP loan, including:
- You can use the funds to cover payroll costs, rent, utilities, and other essential expenses.
- The loan can be forgiven if you meet certain criteria.
- The loan can help you keep your business afloat during the COVID-19 pandemic.
If you have already received a first draw PPP loan and you meet the eligibility criteria, you may be able to get a second draw PPP loan from BlueAcorn. The second draw PPP loan can provide you with much-needed financial assistance to help you keep your business afloat during the COVID-19 pandemic.
PPP first and second draw gotten close together or simultaneously? Is it allowed?
FAQ
How do you get a second draw in PPP?
Is there a second round of PPP?
Will I get my second draw from Womply?
Is Blue Acorn under investigation?
Why did you choose blueacorn for PPP?
As experienced tech and financial professionals, we made the decision to set up Blueacorn to make the process easier. Throughout the duration of PPP, we worked to help people get the PPP paperwork done correctly to maximize their chance of successfully securing a forgivable loan from the program. Can I trust Blueacorn? Yes.
Does blueacorn have a PPP loan forgiveness portal?
Working with both Prestamos and Capital Plus Financial, Blueacorn will introduce a portal in the coming weeks to facilitate the PPP loan forgiveness process for its borrowers.
Does SBA offer a second draw PPP loan?
SBA also offers additional COVID-19 relief. PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan. Second Draw PPP loans can be used to help fund payroll costs, including benefits.
How much money will blueacorn take in this year?
Through its two partners, Blueacorn will take in at least $1 billion this year on the loans it processed, according to a Times calculation and two people familiar with the matter. Capital Plus Financial began making P.P.P. loans only this year. It partnered with Blueacorn (and Womply) to make the loans.