How to Increase the Speed of Your PPP Application Review

On May 4th, 2021, the Small Business Administration (SBA) announced that the primary funding for the Paycheck Protection Program (PPP) was exhausted. As a result, BlueVine is no longer accepting PPP applications. If you have an outstanding PPP application with BlueVine, keep an eye out for an email regarding the status of your application.

1. Upload the recommended documents

We recommend submitting legible 1040 Schedule C, 1065 (including all K-1s), 1120, or 1120-S documents. If you have employees, submit a full year of 941s, 940, 944, 1120, 1120-S, or equivalent payroll processor records. If you’re submitting PDF versions of your payroll documents, convert the file to read-only (so it can’t be edited).

You’ll be required to submit certain documentation based on if you're applying for a First or Second Draw.

First Draws

For small businesses with employees

Payroll Documents: Upload quarterly 941 forms, yearly 940 or 944 forms, 1040 - Schedule C form, or payroll documentation with a corresponding letter from your payroll processor.
Bank Statement: You will need to provide a Feb 2020 bank statement from the bank account in which your business was operating to show you were in operation on Feb 15, 2020.

For contractors & other non-employers¹

Payroll Documents: Upload your 2019 or 2020 1040 - Schedule C form.
Bank Statement: You will need to provide a Feb 2020 bank statement from the bank account in which your business was operating to show you were in operation on Feb 15, 2020.

Second Draws

If you received your First Draw through BlueVine and your payroll expenses and requested loan amount remains the same (only applicable for loan amounts under $150,000), you qualify for a simplified application and will not need to resubmit your payroll documents when applying²
Revenue Drop: For loan requests over $150,000, you’ll need to submit documents that demonstrate a 25% reduction in revenue, which may include tax forms, quarterly financial statements, or bank statements.
Loan Note: If you received your initial PPP loan from a lender other than BlueVine, you will be required to submit the loan note for your First Draw.
If you did not receive your First Draw through BlueVine, if your payroll expenses and requested loan amount has changed, or if you provided BlueVine with less than one years worth of payroll documents, you will be required to resubmit your payroll documents based on the following guidance:

For small businesses with employees

Payroll Documents: Upload quarterly 941 forms, yearly 940 or 944 forms, 1040 - Schedule C form, or payroll documentation with a corresponding letter from your payroll processor.
Bank Statement: You will need to provide a Feb 2020 bank statement from the bank account in which your business was operating to show you were in operation on Feb 2020.

For contractors & other non-employers¹

Payroll Documents: Upload your 2019 or 2020 1040 - Schedule C form.
Bank Statement: You will need to provide a Feb 2020 bank statement from the bank account in which your business was operating to show you were in operation on Feb 2020.

2. Upload clear documents

Downloaded electronic documents will process much faster than scanned, photographed documents. Upload your forms as separate documents, if possible. If more than four forms are needed, you may consolidate them into a single file. Even if it takes you a few more hours to collect electronic documents (or connect with your accountant), submitting electronic documents will decrease your application’s processing time.

3. Email address recommendation

If you're a new customer, to increase the likelihood of a faster application review, we recommend using an email address you own that has been in existence for several years (even if it is a personal email address). Newly created email addresses—even from your business domain—may make it more difficult to verify your identity.

4. Applicant must be an owner

The application should be in an owner’s name, not an employee’s name.

5. Triple-check your application

Minor errors and typos can delay your application—and it is not possible to update your application after submission. Please take your time to review the following for accuracy:

Bank account information (review a check from your account to get the correct routing number)
Consistent Employer Identification Number (EIN)/ Business Name in Payroll documents
Complete personal details (SSN / DOB / Address)

6. Only submit one application

If your application is in review, do not submit your application more than once to BlueVine. If we determine there are duplicate applications submitted it will result in the rejection of both the applications.

7. Please limit inquiries about the status of your application

Your online dashboard will always have the most up-to-date status of your application. Our Customer Support Team is here to help, but we will be unable to provide additional information regarding your application's status other than what's already present on your dashboard.

1 Non-employers include self-employed individuals without employees.
2 For borrowers with loans of $150,000 or less, these documents will not be required at the time of application. Lenders may request additional documents at the time of loan forgiveness.

The information, opinions, and advice in this 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. Neither BlueVine nor its partners are responsible for the accuracy of any content provided by author(s) or contributor(s). For information about BlueVine products and services, please visit the BlueVine FAQ page. For information about the Paycheck Protection Program, please visit the SBA’s page.