Based on guidance from the Small Business Administration (SBA), Paycheck Protection Program (PPP) payments are deferred for 10 months after the end of your Covered Period. Your Covered Period begins when you receive your PPP loan and lasts up to 24 weeks.
BlueVine is working to release an online forgiveness application. As a result, BlueVine will not be able to accept PDF forgiveness applications at this time via email or any other means.
BlueVine will begin accepting forgiveness applications for some applicants within the first half of 2021 and will continue the forgiveness process throughout the year. Once you're able to apply online, we’ll contact you. While the SBA has released guidance and forms, they're still updating their system with the new forms. As a result, it is beneficial for most borrowers to wait to apply for forgiveness.
You may want to start pulling together forgiveness related documentation until further direction is provided by the SBA. Visit our guide on required forgiveness documents to determine what you need to assemble for your application.
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.