Applications are subject to credit approval. This version asks you to calculate how you used loan proceeds to pay for approved uses. You may include K-1 earnings as salary for each partner, up to $100,000. We will contact you by email and ensure that you have the information you need to submit your loan for forgiveness. Yes, just like your application, you may complete the loan forgiveness process with or without the assistance of an outside professional. Since our founding in 2013, we’ve been dedicated to helping small businesses improve cash flow to grow their businesses.
To calculate your payroll costs as a small business, you’ll need to use the step-by-step, Your 2019 net profit (max $100,000) as reported on your Schedule C (line 31). BlueVine® is a registered trademark of Bluevine Capital Inc. (PPP) is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. You can also account for employees who rejected offers to return to their job, were fired for cause, resigned, or requested a reduction in hours during the covered period of your loan. The PPP was designed to cap employee payments at an annualized rate of $100,000, so the SBA wants to know how many employees might fall into this category for your business. If you received your loan after June 5, 2020, you have 24 weeks to do so. BlueVine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program. 6054789. We hear you and know that you may be eager to submit documents. The major difference comes down to calculating wages and payroll: self-employed PPP recipients do not have employees other than themselves or their business partner(s), depending on their business entity. These businesses also must not have reduced employee salaries by more than 25 percent. This section is relatively straightforward: all you’ll need to do is add lines 1, 4, 6, 7, 8, and 9 together to arrive at the total amount you’ve spent toward qualifying payroll costs during the duration of your loan. Learn more about loan forgiveness and getting a PPP from BlueVine. If you do not want to make interest payments, return the remainder of your loan to your lender as quickly as possible. Have annualized payroll totals of $100,000 or less, Payroll (including salaries and wages, vacation and extended leave, health benefits). The repayment period itself depends on when you received your loan. Is it too late to apply for PPP funding if I need alternative financing options? If staff or employees were terminated before the loan period began, and were re-hired after the business received PPP funds, this may significantly impact the total amount of loan forgiveness offered. Borrowers will file for forgiveness through their lender—be it through a paper version of the application form or electronically. 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. Rates and terms may vary based on your creditworthiness and are subject to change.
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