[Update: Extended Though 8/8] Apply Now For A PPP Forgivable Loan For Your Business!

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Update: The PPP application deadline has been extended through August 8th!

Originally posted on 6/25:

The federal government’s PPP loan was designed to allow contractors, self-employed individuals, and small businesses under 501 employees to get emergency funding to keep people on payroll. You can receive a loan up to 2.5 times the average monthly pay of yourself and your employees, capped at $20,833 in funding per employee. If you spend the loan on qualified expenses it can be forgiven.

You’ll need to get an SBA loan approval number by 6/30. You can still apply for a PPP loan through Kabbage here until 6/28. You can apply through multiple banks to see which can get it approved in time.

Under the current rules you’ll have 24 weeks to use the funds on rent, utilities, and mortgage payments in addition to paying salaries. You’ll need to use at least 60% of the funding on payroll.

Based on updated guidance, you can claim forgiveness on payroll for an owner/shareholder up to $20,833 (100,000/12×2.5) and for an employee up to $46,154 (100,000/52×24). You are also able to apply for early loan forgiveness.

Have you been approved for a PPP loan?

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49 Comments On "[Update: Extended Though 8/8] Apply Now For A PPP Forgivable Loan For Your Business!"

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Dan\'s the Man

Anyone have success in getting a PPP loan for a very small side hustle? I file a schedule C for it every year but just don’t know if any bank would give such a small loan. 2 months of “payroll” would only be like $600. I know it’s prob not worth it for if I could get in 10 minutes of work I’d do it. I tried applying through PayPal and it errored out on the screen which I put in average monthly payroll. Prob b/c it’s too low?


If it’s a side hustle apply as a seasonal business. That’ll increase your eligible amount by 4x.


I got approved with blue one within 3 hours




whats the link for bluevine?


blue vine way to go. im llc with 2 partners no employees. kabbage just errored out, bluevine took me like 4 tries, they kept denying but eventually, i got approved. took less than 48hrs


So if someone is applying based on a schedule C, it’s automatically forgiven?

No automatic forgiveness

Nothing is automatic. But if you use the money appropriately, then you can apply for forgiveness.

Dr Moose

If it’s just you with a schedule C how can I ensure that the amount goes for payroll? Just transfer the money into your personal account?


if you’re an S corp no W2s pay distributions, when bluevine asks how many W2s is the answer 1 or 0? of course I’m paying self employment at the end of year, just no w2


Bluevine won’t accept an application that includes PPP for an owner (such as K-1 income)


how is an owner eligible for each employee $46,154. I though its 2.5 times his monthly pay?

Owner vs Employee

An owner is not considered an employee. New rules treat them differently


anyone know abt applying for unemployment after ppp funds run out? is that allowed?


Is there a cap on the maximum overall loan for business?

Chaya Halberg

10 million


so whats a better shot cabbage or bluevine?


For sole prop – Lange asked for bank statements proving business is in effect prior to 2/15/20. I don’t have a separate business banking account. What should I provide them ?


A pdf letter attached to your uploaded docs explaining your circumstances and answering all the questions they may have about your calculations. You will be on a long queue and might not have the opportunity to explain later, do it upfront.


Anyone have success applying with a K1


so far no luck for me from bluevine with a k1, they rejected me in 3 hours, anyone have luck calling them?


Try crossriver bank


I got approved with bluevine using a k1, in a few hrs all online. I submitted my entire tax return maybe try that?


Very important caveat…

If you are a seasonal business… instead of using 12 months to find your monthly average, you can use your most active 12 weeks (3 months.)

Ie, if you are an event producer who makes all their revenue in the summer, applying as a seasonal business will quadruple the amount you are eligible to receive.

Same thing applies if you have a very small amount of income from a side hustle. If you made it all in a 12 week window, establish that with bank statements and make that known.


any way to change mine if i already did it over 12 month but have a seasonal business .. and i already recieved the loan about 2 months ago….


I am a chase private client, however their website and assistance is mia. I even contacted my private banker and she was unable to help me. I applied with bluevine and was fully funded in 48 hours. Don’t waste your time with chase.


Before a previous deadline I used Kabbage. They kept shlepping and asking for more forms even though I am a typical business with salaries and w-2 etc.
In the last minute they cut my loan amount by 51% and I had to agree just before the deadline. There was zero customer service, absolutely zero but I was up to deadline.
Yes, I got a small loan but they did not act in a business like way.
Dan, I should have posted here and they would have responded, I bet!

Chaya Halberg

Regarding K1’s, you have to make sure that you’re not involved in an ineligible passive business type. I have seen a number of loans approved for non-passive partnerships.

If you have a relationship with a banker, you may actually fare much better than using the automated online application.

A client of mine recently got approved for a loan 30% larger than the automated system was allowing because we pushed for a banker to put it through manually and consider the circumstances that the online portal (and new underwriters) couldn’t process.

And yes, apply through as many platforms as possible. The first one to put your application through to the SBA will get the loan in your business’s name and block any others, so no duplicate loans will go through.


Wasn’t going to submit an app. Then I saw someone post here about bluevine. Submitted my app 25 min ago. Already got an offer. Wow.


Just applied via bluevine. thank you Dan!

I was conditionally approved but they want 941 forms. I don’t have those (I have no employees and don’t take a w-2, I put “number of W-2 employees” field to zero)

I guess I should submit a letter of explanation instead of those forms? Any suggestions very much appreciated thank you!


either schedule c or 1065 will do

betty kelly

I also applied with Bluevine. Got all my information in weeks ago. Was told my application was completed and nothing more needed around June 10th. Found out this morning (requested a call-back after being on hold for too long, got call-back 24 hours later) and they said that my app is still at Bluevine, even though it’s completed. They said they’d complete their final review within 24 hours and let me know. This is just to find out whether they’re going to send my app in to SBA. They’re waiting till the very last minute! I’m beyond upset about this. I submitted everything they asked for by June 8th, and now they won’t even commit to sending my COMPLETED application to SBA by the June 30th deadline. Now, with only a couple days to go, I’m looking to apply elsewhere. Our bank that handles my small business wasn’t accepting applications, which is why I went to Bluevine, which was recommended.


Try crossriver bank on their website. They have been very aggressive at getting the loans processed and submitted.

betty kelly

Just wanted to let the people who are posting here about how Bluevine accepted and processed their application in a couple days — yes, that was my experience too. BUT them accepting your app has nothing to do with getting it to the SBA in time for the June 30th deadline, as I was told on the phone by Bluevine this morning. It’s really demoralizing!


Correction for owner (self-employed) Income Calculation,
its rather 100,000 x 0.9235/12×2.5


This calculation is correct for partnership self employment income using box 14a on the 1065 K-1. When the business files a Schedule C on a 1040 you do not limit the net income number (up to maximum $100,000) by the 0.9235.


I applied through Cross River and was approved within 2 hours.
Money hit my account 2 days later.


How does this work regarding temporary employees?


bluevine is requesting a 941. I only pay on 1099, do I need to fill that out?


Just wanted to say thank you! Applied on the 28th, trying both Kabbage and Bluevine. Got approved by both, chose Bluevine, and received my funds today, the 30th. So easy and quick. Thanks!


how do you request early forgiveness?


Which other lenders are still processing applications?


If i was a non filer this year can i still qualify?