Self-Employed People Get Automatic PPP loan Forgiveness – Blueacorn.co. In light of latest PPP guidelines, self-employed people and independent contractors now get the whole loan forgiven automatically.
Subsequently, can you 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.
Regarding this, does Blue Acorn do second draw PPP?
Learn more. PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any second draw. 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 do I get my blue acorn PPP loan forgiven?
In order to have your PPP loan completely forgiven, you are required to have spent the funds on:
- Payroll expenses (wages, salaries, cash or benefits) – * minimum of 60% of loan should have been spent here.
- Business mortgage interest payments.
- Business rent or lease payments.
- Business utility payments.
How long does it take Blue Acorn to fund PPP?
Once your loan has actually been approved, it can take up to 10 business days (Monday through Friday) for the loan to actually be funded and the money to hit your account.
Is Blue Acorn PPP legit?
Is Blueacorn legit?Yes. We are a legitimate Lender Service Provider and have successfully facilitated tens… More of thousands of SBA approved loans for small businesses and independent contractors nationwide.
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.
What does Blue Acorn do?
Blueacorn is connecting technology and financial expertise to streamline the PPP application process for small businesses, independent contractors, and the self-employed. … We’ve partnered with a non-profit community bank to help small businesses secure the funds meant to support them.
What does Blue Acorn require for 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?
What is the deadline for 2nd PPP loan forgiveness 2021?
For example, a borrower whose 24-week covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.