Frequently Asked Questions


What is Blueacorn?

Blueacorn is a lender service provider started in 2020 to help small business owners, gig workers, and sole proprietors apply for and secure government pandemic assistance through the Small Business Administration’s Payment Protection Program. We helped our borrowers throughout the entire lifecycle of their PPP loans, from applying for the loan itself to ensuring it was forgiven, saving countless small businesses from the punishing effects of COVID-19 related shutdowns.

Is Blueacorn a bank?

No. We’re a Lender Service Provider. That means we help you do the loan paperwork and we partner with a bank to apply for and secure your loan. During PPP we partnered with multiple CDFIs (community development financial institutions) to process PPP loans, all of which were backed by the FDIC, SBA registered and fully compliant with all regulations.

Why would someone need a Lender Service Provider?

During the pandemic, many people found themselves in a position to apply for PPP loans. However, loan 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. Throughout the duration of PPP, we worked to help people get the PPP paperwork done correctly to maximize their chance of successfully securing a forgivable loan from the program.

Can I trust 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. During the pandemic, we partnered with certified SBA lenders to facilitate PPP loans directly from the SBA and the Federal Reserve. Throughout the duration of the program, we successfully facilitated tens of thousands of dollars in PPP loans to our borrowers safely and securely.

Is PPP over?

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, and that round of funding extended until May 31, 2021. Currently the PPP program is closed and not accepting any new applications.

I got an email from [email protected] is it legit?

Yes, we email you from a secure platform to request documentation. If you upload using our platform your documents will go directly to BlueAcorn. Our emails will come from [email protected]. If you ever have questions about the authenticity of a request you can always reach out to our support team.

I received my PPP loan on a prepaid card. Do I qualify for forgiveness?

If you received your funds via a prepaid card, you can still qualify for forgiveness, provided you used the money on qualifying expenses during the covered period. You can use the card to pay for payroll by either transferring funds from the card to a bank account or by using an ATM to withdraw cash from the card and then depositing it into an account. You can pay for other qualifying expenses – such as commercial utilities or mortgage payments – with the card directly.

How do I contact Blueacorn with press inquiries?

For all press inquiries please reach us at [email protected].

General Forgiveness

Will my PPP loan be automatically forgiven? 

No. You must fill out a forgiveness application with the PPP Lender who originated your loan OR with a service provider with whom your Lender is working to process forgiveness applications.

Why do I need to apply for forgiveness?

The Paycheck Protection Program has always provided loans that could be completely forgiven if the borrower requested forgiveness and was approved by the lender and the SBA. If you don’t apply for forgiveness, or you are not approved, you still need to pay back the loan you took out.

What if I don’t apply for forgiveness?

If you do not apply for forgiveness within the required 10 month timeframe, you will be required to repay the loan in monthly installments with a 1% interest rate over either two years or five years, depending on when your loan was originated (initially the term was two years and then it was changed later in the program). There is no prepayment penalty; you may pay down or pay off the loan at any time with no additional fees.

Should I apply via the SBA or the Blueacorn Portal for forgiveness?

You can apply for forgiveness directly with the SBA or Blueacorn. That said, we are encouraging our borrowers to apply via the Blueacorn portal so that we can assist them with any needs along the way.

Can you help me with my Forgiveness Application submitted through the SBA Forgiveness Portal?

Unfortunately, we aren’t able to provide assistance with the SBA Forgiveness portal or your SBA forgiveness application once it has been submitted through their system.

When am I eligible to apply for forgiveness? 

You may apply for forgiveness as soon as the loan amount has been spent. If you’re a 1099 / sole proprietor, this means you are eligible to apply as soon as the “business” has used the loan to cover your payroll / wages. 

How much time do I have to apply for forgiveness?

Forgiveness must be requested within 10 months of the disbursement of your PPP loan. After 10 months you will be required to start making payments on your outstanding loan amount. Your lender will contact you directly after 10 months to arrange payment and service for your loan account. 

What if I don’t have my funds yet?

If you don’t have your loan funds yet, you are not eligible to apply for forgiveness. To be eligible to apply for forgiveness, you first need to have used the entirety of your loan amount. If you are awaiting funding, please note that our customer support team is working diligently to process and fund your loan. You may get in contact with them for updates on status.

How do I need to spend the loan in order to have it completely forgiven?

In order to have your PPP loan fully forgiven, you must have spent PPP funds on the following expenses DURING the covered period that you choose, between 8 and 24 weeks from the day you received PPP funds:

  • At least 60% of loan proceeds must have been spent on payroll incurred, not necessarily paid, during the covered period you choose (including the owner’s pay, salaries, wages, vacation pay, leave pay, health benefits BUT NOT payments made to independent contractors)
  • Commercial rent (as long as lease was in effect prior to February 15, 2020)
  • Mortgage interest (as long as the mortgage was signed before February 15, 2020)
  • Utilities (as long as the service began before February 15, 2020)
  • Property damage costs due to public disturbances occurring in 2020 and not covered by insurance
  • Supplier costs that were essential to business operations made prior to receiving your PPP loan
  • Worker protection expenditures, such as personal protection equipment or property improvements necessary to remain COVID compliant from March 1, 2020 onward

Can I pay myself a salary with the loan?

Yes, owner salary and employee salary are eligible ways to spend PPP funds.

If I pay my bills using my funds, will I still get forgiven?

If you can show documentation that you paid payroll and business operating expenses during the covered period, your loan can be partially or fully forgiven. If you used your PPP funds to pay personal expenses, you will just need to prove that the “business” first paid you personally.

Do I need proof of my loan spending?

Yes, every PPP borrower must retain proof of how funds were spent and be prepared to submit this proof to the SBA, if requested.

How long do I need to keep any of the documentation? 

The SBA can go back and audit your loan for up to 5 years after the date of disbursement. You are required to be able to provide documentation up to that point. 

What if my forgiveness application gets denied?

If your forgiveness application gets denied by the original lender, you will have to start paying back your PPP loan. Payments begin 10 months after the date you received your loan. Your lender will contact you directly to set up your payments and service your account.

Forgiveness Application Questions

What do I need to apply for forgiveness?

The only things you need to apply for forgiveness are 1) your SBA loan number and 2) your Business Tax Identifying Number (TIN), which will either be your Social Security Number (SSN) or your Employment Identifying Number (EIN), depending on how you applied for your loan.

I received an error message when entering my information for forgiveness?

You may have entered an EIN/SSN or SBA Loan Number that does not match information you provided when you applied for the loan. Please refer to your loan documents for Tax Identifying information and SBA number used to apply to reconcile the error. If you need to locate your SBA loan number. You can find information in the question above, Where can I find my SBA loan number? If you are still not able to resolve the issue please send a screenshot of the error message to [email protected]

Where can I find my SBA loan number?

You can find your SBA loan number in your original loan documents that were sent via DocuSign. If you cannot find the email with your loan documents, you can login to DocuSign and find them there. If you are still having trouble, you can contact our support team.

How can I check the status of my forgiveness application?

Once you submit your forgiveness application to the SBA, you can check on the status of your application at any time by logging into our forgiveness portal and clicking the tab “My Application.” We do not know how long the SBA will take in processing your application; however, we typically expect it to take a few days before we hear from the SBA, and we will contact you via email as soon as we do.

When will I know if my loan has been forgiven?

After you submit your forgiveness application, your funding lender will review and approve or disapprove your request. The lender has 60 days to make a decision, but most happen much faster than that. After your lender makes their decision, they then submit your application to the SBA to verify and concur with the initial decision. They then have 90 days to agree with or deny the lender’s decision. Random loans will be chosen for review by SBA and those will take more time and SBA has not outlined a timeframe for these.


Will my loan be audited?

Random loans will be chosen for review by SBA as part of their process of PPP quality control. If your loan is selected for a more in-depth review, we will receive notice from the SBA, and will contact you for additional documentation and verification.

What if I don’t have documentation required for my audit?

You may submit a letter of explanation in place of the requested documentation and the SBA will review.

Why am I being asked for documents multiple times for my audit?

The SBA likely has declined the original document. Be sure to carefully review the document requirements sent with the request.

What if I don’t submit the requested documents to resolve my audit?

The SBA will review your application and make its final decision based on the information they do have from your original PPP application. Blueacorn will notify you of their decision.


How long will my card take to arrive?

Once your request has been processed, your card is estimated to arrive in 10-14 business days. Please note that it can take 3-5 business days for your card to be processed.

Will the card arrive by FedEx, UPS or USPS? Does it come with tracking?

Cards are delivered first class mail via USPS to the mailing address on your loan application. There is no tracking on the card, and no signature required.

What number can I call to check on the status of my card’s arrival, and any
additional questions?

Please reach out to Blueacorn.co/support with questions until your card arrives. When you receive your card, it will include instructions for activation via the app or mydashcard.com. Both options will provide real-time information on your balance, recent transactions, troubleshooting

What if I moved? Will you forward my card to a new address?

If you have registered a forwarding address with the Post Office, the card will be forwarded to the new address. However, this will add to the time it takes for your card to arrive. If it has been over a month and you have not received your card, please reach out to Blueacorn.co/support and we can either order a replacement card for you or process a change of address. Please note that in order to change your address, you will need to submit (2) documents for proof of residency.

How do I activate the card?

You can activate the card by downloading the MyDashCard app or visiting mydashcard.com.

  • Select Register
  • Enter your 13 digit proxy card number (this number can be found on your mailer)
  • Enter birth month and day
  • Enter last 4 of your Social Security Number
  • Enter last 4 of your mobile phone number
  • You will then see a picture of your prepaid card and you can select ACTIVATE

How long will it take for funds to be added on the prepaid card

Blueacorn will fund your card before it arrives at your mailbox. As the cardholder, you will need to activate the card upon receipt in order to access the funds.

How can I pay payroll with a Prepaid card?

For payroll, you can transfer funds to a bank account or use an ATM for a cash withdrawal. Fees may apply.

What is the best way to use my prepaid card?

We encourage you to purchase with the card directly and leave the funds on the card for safekeeping. Card swipes at the point-of-sale are free for you, and funds left on the card are much safer than cash. These transactions may also be useful for loan forgiveness process documentation. For more details, please see the terms and conditions associated with the card. This information is provided to cardholders when they receive their card.

What are the associated fees?

There is no fee for an automated transfer to another bank account, but the receiving bank may charge a fee. ATM withdrawal fees are $3, plus any fees the ATM provider charges. If you use an Allpoint network ATM, there is no charge. Blueacorn has covered the fees associated with card issuance.

Can I transfer money from the prepaid card to my bank account or take money out in cash?

We encourage cardholders to use the card for business-related purchasing, if possible. This will build a transaction record that can be used for forgiveness. Funds can be transferred to a bank account or withdrawn at an ATM but are subject to fees.

How do I account for expenses in order to get Forgiveness?

The best way is to use the card for business-related purchases. This will allow you to easily retrieve spending information when needed for forgiveness documentation.

Is there a withdrawal limit?

Yes, ATM withdrawals are limited to $1,000 in any 24-hour period. Because of the $3 associated fee, you can request no more than $997 in that time period. If the ATM charges an additional fee, you will need to reduce the total by that amount, too. Card withdrawals conducted inside the bank with a teller are limited to $2,500 (minus any fee, which is typically $5) per 24-hour period. Balance transfers completed within the Dash app are limited to $2,500 in any 24 hour period.

What do I do if my card is stolen or lost?

You can use the Mastercard app to temporarily “freeze” the card if misplaced, and then use it to “unfreeze” the card once located. The app can also be used to report the lost card, which will result in Mastercard sending you a replacement card.

Ready to apply for forgiveness?