Has Blue Acorn ran out of money?

If your application is SBA approved, rest assured your funds are secure & will be transferred to your account ASAP. Despite reports that the PPP has run out of funding, Blueacorn partners with community financial institutions that still have access to funds- this money has NOT run out!

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Additionally, can I go to jail for PPP loan?

Depending on the circumstances, the federal government might charge people accused of defrauding the PPP under the following provisions: 15 U.S.C. § 645: Making a false statement to the SBA. This can result in a fine of up to $5,000 and up to 2 years in prison.

Subsequently, do you have to pay back Blue Acorn? The loan is 100% forgiven (you don’t have to pay it back) if you follow the guidelines and use the money over the next eight weeks to pay yourself and make rent or utility payments, for example. Blueacorn will guide you through the process and make it as easy as possible to apply and get funded.

Regarding this, does Blue Acorn give second draw?

Loan agreements will identify the appropriate lender to small businesses at signing. … If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for up to 3.5x monthly payroll costs for a second draw. All second draws are limited to $2M.

How can I get my blue acorns to forgive my PPP?

In order to have your PPP loan completely forgiven, you are required to have spent the funds on:

  1. Payroll expenses (wages, salaries, cash or benefits) – * minimum of 60% of loan should have been spent here.
  2. Business mortgage interest payments.
  3. Business rent or lease payments.
  4. Business utility payments.

How do I get in touch with Blue Acorn PPP?

If you are trying to reach blueacorn.co regarding your PPP application, you can do so at [email protected] or via https://blueacorn.co/support/.

How long does it take Blue Acorn to fund PPP?

How long will it take to get my money? Funds can take up to 10 business days (Monday to Friday) from the date the loan documents are signed, barring unforeseen delays from other agencies outside of our control.

How Safe Is Blue Acorn?

Blueacorn is 100% safe to use and uses 256-bit Secure Encryption technology to keep your financial information and personal details safe and secure.

Is Blue Acorn SBA legit?

Blue Acorn is NOT a scam, they just have really bad customer service, and their timing is way off. It took 30 days but I finally got my loan. I was really stressed out because I had given this company so much of my personal information.

Is Blue Acorn still accepting PPP applications?

Unfortunately We Are No Longer Accepting Applications

We are currently unable to accept new applications for PPP loans, due to high volumes, limited SBA funds, and the program’s upcoming 5/31 expiration.

Is it too late to apply for PPP?

It’s not too late to apply! IMPORTANT UPDATE FOR 2021: President Biden has signed an extension of the PPP loan program until June 30, 2021.

Is PPP money still available?

As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.

What documents are needed for Blue Acorn PPP?

To apply, you must have the following:

  • Driver’s License for all owners with more than 20% share in your business.
  • Bank Statements from 2019 and/or 2020.
  • Have you registered your business with the state?
  • Have you received a 1099 in 2019?

Who funds Blue Acorn PPP?

United Community Bank

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