Hey peeps! We anticipate that funds will run out prior to the 5/31 deadline, and encourage small businesses to apply as soon as possible. I received one today on one of three businesses that we used Bank of America first round PPP. That doesn't mean it's a fraudulent application, it just means their software rejected it based on whatever algorithm they set up to screen these applications. I have not and got the 1st round through bluevine. And then ones like me, who’s application did not ask for any documents and had no tasks immediately after submitting the application are the ones stuck in the review stage still. This one was the easiest and fastest. It's not a glitch. Weirdly, instead of asking for a comparison of revenues between 2019 and 2020 qtrs, it asked for 941s from 2019 and at least one 941 from 2020. If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. The application is not ready yet. Got an email about 20 minutes ago to apply for 2nd draw PPP from Bluevine (I signed up for PPP updates with them - I’m not a customer so I was surprised to get an invitation to apply). Haven’t heard from them. Did you received an answer? Regarding Bluevine, According to their website. It probably took me no more than 10 minutes at the max to complete. They couldn’t verify my identity. BlueVine is supporting both First Draw and Second Draw applications. They may have sent an invite because I am 100% woman owned? BlueVine calculates your pre-approved PPP loan with a simple equation using the inputs you provided for your average payroll costs in your PPP application. It seems like the ones who’s application asked them for documents during the application or immediately after are the ones who got sent to SBA next day and are getting approved now. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. I mean by the time everyone applied for the first draw(April/June2020) taxes would have already had to be filed by then too....so I don’t really see them asking for a IRS transcript for that. . Please enable it to continue. Posted by 1 month ago. We take your average payroll costs and multiply them by 2.5—or 3.5 for restaurants and hotels applying for Second Draw 1 Do you even have that yet? BlueVine 2nd Draw Denial Hey everyone, I just received a denial on my 2nd draw application with Bluevine, stating they couldn’t verify my information or there might be discrepancies. Eligibility requirements and documentation are determined by whether the PPP loan is a First or Second Draw, among other factors. I applied Jan 20th and was never asked for any documentation during the application. Any updates for anyone this morning?? The PPP has been extended through May 31, 2021, however SBA funds are limited. Weirdly, instead of asking for a comparison of revenues between 2019 and 2020 qtrs, it asked for 941s from 2019 and at least one 941 from 2020. I received the money in my account by Friday. A sub for business owners to discuss and problem solve the use of PPP loans. . FYI: First PPP Through through PayPal. Bluevine PPP: did anyone able to find the second draw ppp application? the reason is they could not verify me, i uploaded my schedule c but was never asked for any drivers license. Second Draw applicants can qualify for up to $2 million or 2.5x (3.5x for eligible Accommodation and Food services) average monthly payroll costs, whichever amount is lower. I applied on last Wed. And my app has been stuck since the day I applied. Did you go to someone else or were you able to figure it out with Bluevine? Interesting - maybe in 30 mins I’ll get another email. Press J to jump to the feed. The new round of PPP loans offer a “second draw” for harder-hit businesses that received PPP funding in 2020. . Round 1 was so much easier and faster dealing with BlueVine. But my dashboard says sending to sba with zero amount.. Mines says the exact thing. How Big Is the PPP Second Draw? Looks like you're using new Reddit on an old browser. Has anyone over here got their First draw of PPP loan from Bluevine and applied for the 2nd draw and been stuck for days? Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. We’ll communicate by email when the application for existing customers is available. Qualifying businesses can receive a Second Draw worth up to 2.5 times their monthly payroll expenses, the same way the loan worked for the First Draw. They promise a more simplified application process if you are just going to ask for the same you asked for last time (and under $150k). How BlueVine Calculates Your Pre-approved PPP Loan. BlueVine will be accepting applications for First and Second Draw Paycheck Protection Program (PPP) loans until this round of funding ends on May 31, 2021. SBA Glitch Causes Second-Round PPP Loan Rejections for Eligible Businesses The coronavirus relief bill passed in late December allows small businesses to apply for a second PPP loan. Idk what’s going on. The same here. I had an issue uploading the payroll document, but eventually, it went through. February 23, 2021 – The SBA has announced changes to the PPP, and the revised funding formula for sole proprietors, independent contractors, and the self-employed was released on March 3, 2021. My first PPP was thru Bank of America. Seems like that basically kicked us out of the automatic review process and into manual review or something. They ran your info through fraud software, and it didn't pass muster. How does PPP 2021 differ from PPP 2020? Small businesses that previously received a PPP loan may be eligible for a Second Draw. The invites are for those that have had no previous relationship with BlueVine. Be ready to download IRS transcripts as the fact they took Schedule C draft for round 1 they might be looking to see it filed as that with your taxes in 2020. Same thing just happened to me. After submitting the app it went straight to saying all required tasks have been completed and my application is under review. However, I cannot find second draw ppp application on my bluevine account page. . Christmas came late this year for small businesses, but hope is finally on the way. ... "SBA is implementing this change with respect to PPP loans that are approved after the effective date of this rule. Called and told to create a new acct and resubmit. So then the system automatically boots you out and will make you request an identity verification code by mail. Many small businesses trust BlueVine because we have experience—we helped over 155,000 small businesses access critical funds in 2020, and we’re ready to help again. Press question mark to learn the rest of the keyboard shortcuts. Sent to sba with 0.00. Required documents based on First and Second Draw The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit I am still planning on reapplying with Bank of America if that portal opens soon. There are new First and Second Draw applications for those who would like to apply using their gross income instead of net profit First Draw applicants that use Schedule C gross income and report more than $150,000 gross income on their Schedule C … Got an email about 20 minutes ago to apply for 2nd draw PPP from Bluevine (I signed up for PPP updates with them - I’m not a customer so I was surprised to get an invitation to apply). Press question mark to learn the rest of the keyboard shortcuts. Seems to be anyone putting an application through is getting denied for no reason even after submitting all the proper documentation. This PPP round offers two loan options for eligible businesses: a First Draw for those who have not yet received a PPP loan and a Second Draw for those who did not receive a prior PPP loan. An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. I got a message two hours ago that I needed to add my schedule C for 2020. They approved me 1st round and denied second draw for identity verification. Still in same boat you are. Press J to jump to the feed. The plans of Bluevine are very flexible, which makes it suitable for everyone as everyone has different requirements. What did you do? It pretty much stayed in we are reviewing your documents all day. Per Small Business Administration (SBA) rules, the covered periods for a borrower’s First Draw and Second Draw cannot overlap.1 If you received your First Draw PPP loan in 2021, you must wait at least eight weeks between your First Draw and when you would receive your Second Draw, if approved by the SBA.2 Once you are eligible, and if funds are still available, you will have the ability to apply for a Second Draw loan through your BlueVine … On the same boat with you, Bluevine couldn't verify me either. Bluevine and its Ppp loans: Bluevine is a company which provides loan for businesses; the business loans contain invoice factoring, term loan, line of credit, etc.The company receives online applications conveniently; the company supports new entrepreneurs. ", https://www.bluevine.com/paycheck-protection-program/. I got first draw ppp with bluevine in 2021 and would like to apply second draw with them again. Which could take 10 business days up to a month to come in. BlueVine existing customer 2nd draw issues. Maybe there's hope for first-timers that don't have trouble with verification. Close. Also asked for bank statement from Feb 2020 and 1st PPP SBA loan note. That task is still under review for 3 days now. Generally, for small businesses to qualify for a Second Draw PPP loan, they must have been in operation on February 15, 2020, and: Have fewer than 300 employees 2; Have used their First Draw on PPP-eligible expenses 4. If you received a Second Draw PPP loan greater than $150,00, you must apply for forgiveness for your First Draw before or at the same time as you apply for forgiveness on your Second Draw. i had this same issue, and i’m seeing a few people saying the same thing on twitter, can confirm that I feel that it’s a glitch all my stuff is in order and they asked for ID which I provided and all the other documents got denied after 2 hours :/. In fact, it's paused its other lending programs to focus on processing PPP applications. Using the strength of our technology-enabled product, many of our applications can be reviewed automatically. Pre-applied with Cross River a couple of days ago - they said they’d email when they were ready to proceed. Has anyone gotten approved for the PPP second draw? I did the same yesterday and was denied. It was probably an elaborate phish from a Nigerian prince . If anyone gets any type of updates about his please share. Then when I refresh the page it goes back to my actual loan amount and under review. One of the main differences between PPP 2020 and PPP 2021 is the ability for businesses who have already received a PPP loan to apply for a second draw. The deadline to apply for the PPP is May 31, 2021. Plus the IRS system for downloading transcripts is so ancient, most people can’t verify directly online because it wants to use your mobile phone number to verify you and a lot of people don’t have “contact” numbers that are registered directly to their identity/name. Second Draw The $900 billion COVID-19 aid bill includes a $284.5 billion allocation for First and Second Draw PPP loans. It had me upload that on Day 1, Jan. 20. Log In Sign Up. Funds are limited, so act quickly. Similar situation. It didn’t even give me the option to upload dl until after denial letter. Waiting on a call back now so if I get any info I will update. If you got an invite to apply now it is for 1st Draw most likely and not an existing client of Bluevine. Did you have a prior relationship with Bluevine? I uploaded my 2019 schedule C and they accepted that. Press question mark to learn the rest of the keyboard shortcuts. BlueVine made this a piece of cake BlueVine made this a piece of cake. Similar situation... must of marked I was in bankruptcy somehow, got denied, called and was told the same thing. I applied through bluevine & got denied after 10 min filing as single LLC. Very frustrating. Today I also got denied (again) for the same reason. 01/13/21 7:45PM: "We’re launching a simplified, expedited application for existing customers early next week. By mistake i said “NO” to question asking if i used all of PPP1 funds. I did that and it says my documents are in review, again. Stayed that way until yesterday the 22nd when a task was added to my dashboard to upload my 2019 schedule C. I uploaded that as soon as the task came in. Any help would be awesome! I applied and was denied 30 minutes after finishing my app. It’s just been a stressful mess this time around. 2020 schedule C? BlueVine: This online business lender will accept applications from any small business interested in applying for a PPP loan for first or second draw loans. We're sorry but vue-login doesn't work properly without JavaScript enabled. This was my first time applying. Honestly probably longer considering all the mess the IRS has going on right now. Note: You can apply for a PPP loan through BlueVine even if you received a loan through another bank in an earlier round. ... BlueVine. After completing the application it said it can take "up to 7 days" for them to review. If your business falls under the “Accommodation and Food Services” North American Industry Classification System (NAICS) Code 72, you may be eligible for 3.5x your average monthly payroll for your Second Draw PPP loan if you meet all other PPP eligibility requirements. But who knows. And through no fault of our own. My dashboard does that if I click “contact us” link! I’m still under review and sometimes when I log in I still get the “Ready to be sent to the SBA” message with loan details zeroed out until I refresh the page then back to under review. I got the same email and filled everything out. How and When to Apply . Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million. #PPP2.0 #stimuluschecks #PPP Follow this video when applying through BlueVine with step by step and everything explained. Getting really discouraged. To calculate your Second Draw loan amount as a small business, you’ll need to use the step-by-step business loan calculator provided by the SBA. A Second Draw allows you to receive a second, potentially forgivable disbursal of funds. I also applied with Lendio which asked for all kinds of things - including 2019 corporate tax return, 2019 941s, bank statements and driver license. If you're a Second Draw PPP applicant, you must meet the following additional criteria and note that additional conditions may apply: Have 300 or fewer employees 2 Have used your entire First Draw PPP loan on PPP-eligible expenses Demonstrate a 25% or greater reduction in revenue over a certain period This applies even if your calculated forgiveness amount for the First Draw is zero. I applied early morning (2:30 am) since I was up late. Which is very frustrating because it seems like it had to be a system error or glitch on Bluevine’s end for not getting the documents when doing application. tried again with a different email and got denied after 30 min. I applied Tuesday night, and within minutes it was already submitted to the SBA. Waited almost 2 weeks and got denied bc “i have an acct already.” What should i do, thanks. I applied with several lenders. But maybe that's because I'm basing my income calculation off of 2019. I don’t - so I was surprised I got an invitation to apply. I’ve seen on twitter some people are in the same boat but i’m going to call tmrw and hope for an update. Hope everything is going well. BlueVine plans to help as many small businesses as possible with PPP applications in 2021, including Second Draw applicants that didn’t have their first loan with us. Have you got your invite? If you want a PPP loan, you can get started by filling out an application on BlueVine's website. Applications for First and Second Draw PPP loans are currently open. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Website states only open today for non previous BlueVine user. They not moving on. Those who got first PPP through Bluevine will be getting email invites "early next week." Then right back to being under review and has not changed since. I previously received my first draw through them and all my info was correct. 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