Frequently Asked Questions
What documentation do I need to get started?
None! To get started, all we need is some basic information to better understand your business. Eventually, we’ll need a few documents to support the loan amount we’re requesting from the bank, but we’ll determine that together and make it easy for you to submit it.
How much does it cost to apply?
Absolutely nothing! There are no fees to business owners or independent contractors to apply for or receive PPP.
Is Blueacorn a bank?
No. We’re a Lender Service Provider. That means we help you do the PPP paperwork and we partner with a bank to apply for and secure your loan.
Why would I need a Lender Service Provider?
This paperwork can be challenging to prepare on your own. As experienced tech and financial professionals, we made the decision to set up Blueacorn to make the process easier. We’re working to help more people get the PPP paperwork done correctly to maximize their chance of successfully securing a forgivable loan. A bank can also help you with this service, but many large banks have been more focused on helping larger businesses get loans, so we are working to fill that service gap.
How long will it take to get my money?
Funds can take up to 10 business days (Monday to Friday) from the date the loan documents are signed, barring unforeseen delays from other agencies outside of our control.
Why haven’t I received my money?
There are a few possible reasons you may be waiting on funds. Once you have signed everything and hit submit, Blueacorn hands your application over to our banking partner. Our banking partner then submits your application to the SBA. Once your application has been submitted, it’s added to a queue for processing by an SBA loan officer, which may take a few days. 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 Blueacorn a scam?
We have partnered with a certified SBA Lender who continues to facilitate all PPP loans directly with the SBA and Federal Reserve. To date and in partnership with our lender, Blueacorn has successfully facilitated tens of thousands of SBA-approved loans so rest assured people are getting the funds they deserve. If you have questions about your specific status please use our ticketing system. blueacorn.co/support
Is it safe to use Blueacorn?
Yes. Blueacorn is 100% safe to use and uses 256-bit Secure Encryption technology to keep your financial information and personal details safe and secure. To date, we have facilitated thousands of dollars in loans without issue. When your paperwork has finished processing, the SBA will deposit funds directly into your bank account.
What if I haven’t heard back from Blueacorn?
We are humans, reading and responding to each individual email. The response from people who requested our service has been overwhelming. If you’ve sent us an email and not heard back yet, we ask for your patience. We are humans individually reading and responding to each email. We will get to your email as soon as we possibly can.
Where is your phone number?
Because of the pandemic, our team is working entirely remotely. Our phone number has been set to a voice recording, however. those voice mail messages are auto-transcribed into email messages that are then sent to our customer support team. We know that this may be frustrating, but we ask that you please email us with any questions or concerns. It is the best way to get in contact with us and we will respond as soon as we can.
There seem to be multiple Blueacorn websites. Which link should I use?
- www.blueacorn.co is our company homepage and where you can access Enterprise Partner portals.
- apply.blueppp.com is our eligibility and application wizard, and has a lot more resources about applying for and receiving PPP. This is where you apply if you’re not a worker for one of our Enterprise partners.
- https://getblueacorn.com/login is where you go if you have started an application but not completed it.
Isn’t PPP gone? I thought it ran out?
The first round of PPP funding opened on April 3rd and closed on April 16, 2020, when funds ran out. The second round opened and closed in August 2020. On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2020 (CAA), providing additional funds for the PPP. The SBA reopened PPP applications for a third round on January 11, 2021. This round currently remains open with a final deadline of March 31, 2021 (with the possibility of being extended 60 days). This round is different because funds were specifically set aside for smaller businesses and independent contractors to help ensure more equitable access.
Why don’t I see other similar services available?
Because it’s not as profitable to help smaller businesses. Many larger financial service institutions have focused their efforts on aiding larger clients seeking larger loans. The larger the loan, the larger the fee they receive, so smaller loans have received lower priority. We created a simple, easy-to-use process because we felt that smaller businesses and individuals deserved the same help and access to funds as those with larger payrolls and revenues. We love small businesses and think you’re worth helping.
Do I need to pay anything back to the government?
The loan is completely forgiven (you don’t have to pay it back) as long as you follow the SBA’s guidelines. These rules are different for business owners and self-employed individuals, but generally govern how the money can be spent, and may apply to business expenses such as payroll, utilities, rent, and paying yourself (for independent contractors).
Can new businesses apply?
Yes! As long as you were operating before February 15, 2020, and have supporting documents to prove it, you can apply. If you’re not sure, start the application process and we’ll work together to determine if you’re eligible or not.
Do freelancers and gig workers qualify for PPP funding?
Yes! If you freelance, have a side gig, run a small business or otherwise work for yourself, you can apply for a PPP loan to help make ends meet. The loan is 100% forgiven (you don’t have to pay it back) if you follow the guidelines and use the money over the next eight weeks to pay yourself and make rent or utility payments, for example. Blueacorn will guide you through the process and make it as easy as possible to apply and get funded.
How soon can I start?
You can start right away! It only takes a few minutes to take our eligibility quiz and put together the paperwork. You can do it from your phone, computer or tablet.