Small Business Administration (SBA) Paycheck Protection Program (PPP)
Blue will no longer continue to offer the SBA/PPP loans after August 7, 2020.
We are moving into the forgiveness phase with our members who have received loans.
You may be eligible for loan forgiveness through this program; however, funds are limited and subject to availability from the SBA. Currently, Blue is not accepting SBA Payment Protection Program loan applications.
The PPP program is very fluid as there continues to be additional legislation that may make more changes to this program. Due to the unique nature of this program, Blue branches and call center staff WILL NOT have information regarding the status of your PPP loan. Please do not proactively deliver or send documents to a Blue location as this could significantly delay the process of your forgiveness application. We appreciate your patience and understanding with processing times.
Small Business Administration PPP Loan Forgiveness
If you already have received a PPP loan with Blue, you may have more flexibility. The President recently signed a bill that extends the time to utilize the loan funds and receive forgiveness from 8 to 24 weeks. The bill also lowers the percentage that must be used for payroll from 75% to 60%. With the change, that allows your business up to 24 weeks to spend the loan funds. It is not necessary to apply for forgiveness at this time, and accrued interest will also be waived on loan funds that are forgiven.
We anticipate having our portal for loan forgiveness available early in the week after August 9th.
If you have general questions, please email email@example.com and we will get back to you as soon as possible.
Where can I learn more about the Paycheck Protection Program (PPP Loan)?
The SBA has issued and continues to update guidance on this loan, including who qualifies for the program and other important details. You can learn more about the program here.
**SBA Program terms and credit conditions applyInquire about SBA PPP Loan Forgiveness