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.
At this time, there are no active proposals for additional funding for PPP. However, we are closely monitoring updates from Congress and will contact you if things change.
If your business is still in need of support, here are a few options you may be eligible for:
- If your business is a venue, you may be eligible for a Shuttered Venue Operators Grant. You can learn more about this grant opportunity by visiting the SBA’s website.
- If your business serves food or drinks, you may be eligible for a Restaurant Revitalization Grant. You can learn more about this grant opportunity by visiting the SBA’s Restaurant Revitalization Funding Program Guide.
- The SBA has allocated some PPP funds in reserves for specific types of lenders, such as Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). Some CDFIs and MDIs are still accepting PPP applications because funds were reserved for these types of financial institutions.
- Additionally, you can contact your Congressperson and urge them to pass additional funding aid for small businesses: (202) 224-3121.
- Finally, if you’re interested in learning more about the other products and resources that BlueVine offers, we invite you to learn more about our simple banking products, fast lending provided through our bank partners, and key financial tips for small business owners.
We understand that this has been a trying year for small business owners, and we hope to support your business in other ways. If you received a PPP loan from BlueVine, look for PPP Loan Forgiveness notifications from us.