2020 Bluevine Capital Inc. All Rights Reserved | BlueVine’s Flex Line of Credit and Term Loan is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. However, PPP loan repayments won’t begin until Fall 2021, giving businesses more time to recover lost revenue due to the COVID-19 pandemic—and allowing the SBA and PPP lenders to finalize repayment processes. If you received your loan from Celtic Bank through BlueVine, this form is digitized so there is no need to download from the SBA.
If your PPP loan originated with us, expect further communication in the days and weeks to come. This may be helpful if you are unsure that you’ll be able to meet or exceed the FTE you calculated for your chosen reference period, as this will determine how much of your loan can be forgiven. Your 2019 self-employment earnings. The deadlines and processes around submitting forgiveness applications remain the same for self-employed individuals as it does for businesses with employees. 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. You’ll also have to fill out their average FTE (more on that below).
Unfortunately, it doesn’t work that way in the real world. If you do not apply or qualify for PPP loan forgiveness, then you’ll need to repay the loan at 1% interest. You will also owe money if you do not maintain your staff and payroll. Your salary as reported through a payroll service (max $100,000). Please follow the steps below to repay your loan: For Celtic Bank clients, please email PPPpayoffs@CelticBank.com with your full name and SBA Loan Number. The SBA included this voluntary section of both the EZ and long form versions of the PPP loan forgiveness application to get a sense of how certain demographics factored into the overall program. This figure goes on Line 11. There is plenty of time to apply for PPP loan forgiveness. June 19th – The SBA and U.S. Treasury announced enhanced transparency regarding the PPP. For information about BlueVine products and services, please visit the BlueVine FAQ page.
Thank you for your patience.
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. When will the SBA accept loan forgiveness applications? Doing this will save you time in the long run—after all, you won’t have to sort through all of your transactions to separate expenses. Whether you’re filling out form 3508EZ (or EZ, for short) or the regular 3508 (long form) application, there are several steps you’ll want to take before you begin. If you used PPP funds for any of these additional purposes, include the total amount for each based on the corresponding category. 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. BlueVine is working on digitized versions of these forms within the platform. This section serves as a preamble to the actual amount of forgiveness you’ll be applying for. Borrowers that had to reduce their headcount (other than those unable to rehire or replace staff), used less than 60 percent of their loan total toward payroll, or used their funds for unapproved purposes must all use the long form version. Unfortunately, it doesn’t work that way in the real world. Yes, you will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 24 weeks after getting the loan.
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