How to Change Your Primary Bank Account When Applying for PPP

When applying for PPP, you’re asked to provide your bank account information; this is used to deposit your PPP loan funds. If you received your first PPP loan with us or you have an active Lending or Factoring account, your designated primary bank account will auto-populate into the bank account information section of your PPP application and will be non-editable. 

If you received a PPP loan through BlueVine and opened a business checking account with us as well, skip to this section.

Returning PPP customers without a BlueVine Business Checking Account

If you don’t want your PPP funds to be deposited into your primary bank account, we encourage you to begin the below process to change your primary bank account before applying for PPP. It is possible to update it after you’ve applied for PPP, but it can increase your application’s processing time. We recommend confirming the primary account has been updated before signing your PPP documents.

For your convenience, we have provided the steps to change your primary bank account.

1. Access to your BlueVine Dashboard by logging into your BlueVine account
   • Access the account you will be using to apply for your PPP loan. If you have an active PPP account, please use that one. Otherwise, access your Lending or Factoring account
     
     
2. Select External Accounts located on the left-side toolbar, and then select Banks.
   
   3. Click Add Bank Account, and search for the name of your bank.
3. • If you can’t locate your bank, you can add your account manually by scrolling to the bottom of the window and clicking Add Your Bank Account Manually. 
     
     
4. Follow the prompts to connect your bank account online.
   • If your account does not connect for any reason, please select Add Your Bank Account Manually, enter the required information, and upload the required statements.
     • Please allow for additional processing times for manually added bank accounts.
   • Make sure to select Make Primary, then click Next.
     
     
5. Your request has now been submitted to our team.  Once your banking information has been validated and reviewed, your new primary bank account will be active. You will receive an email confirmation once the account has been changed. It may take some time for us to process, however you can now begin your PPP application.

Returning PPP customers with a BlueVine Business Checking Account

For customers who received a PPP loan from BlueVine in 2020 and later opened a BlueVine Business Checking Account, your funding account on any 2021 PPP application will default to your BlueVine Business Checking Account. 

If you would like to change the funding account to a different account, complete the following steps: 

1. Ensure the desired account is added to your BlueVine account under the External Accounts tab in your Dashboard. If the account is not there, follow these steps to add the account. 
2. Once the account has been added, place a request via our change form. 
3. Our Support team will reach out to you within 1-2 business days. This does not block you from finishing your PPP application —we can change the bank account on file up until the final loan documents are signed.

The information, opinions, and advice in this blog 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.