Interest rates for the Paycheck Protection Program ("PPP') are at 1%. PPP loans are made by one or more approved
U.S. Small Business Administration ("SBA”) lenders. Loan agreements will identify the appropriate lender to
small businesses at signing. Funds are limited, and may not be available at this time. If funds are available,
qualified applications will be submitted to the SBA. BlueAcorn may need additional information from you later
and does not guarantee that it will be able to submit your application to the SBA based solely on the
information you provide now. BlueAcorn does not guarantee that applications will be processed and submitted
before PPP funds are no longer available. There are no fees for applying for PPP or forgiveness. Approval and
loan forgiveness are subject to your ability to meet government-set eligibility requirements. Learn more.
PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any
second draw. If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for
up to 3.5x monthly payroll costs for a second draw. All second draws are limited to $2M.
To help the government fight financial crime, Federal regulation requires certain financial institutions to
obtain, verify, and record in about the beneficial owners of legal entity customers at the time a new account is
opened. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax
evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who own or
control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these
crimes.
Please note, the SBA has limited loan forgiveness for applicants who are self-employed. Per SBA rules, if you do
not have formal business expenses that you report on your Schedule C, you will be limited to having 60% of your
loan forgiven. The extent to which you are eligible for forgiveness depends on the
forgiveness rules and regulations issued by the SBA .
© 2022 FinCap, Inc an Wyoming Corporation / Blue Acorn PPP, LLC a Delaware LLC