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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Blueacorn's loan

Finanso.Multilogin™

How to Apply

Requirements

You can no longer get PPP loan approvals (Paycheck Protection Program loan). The Paycheck Protection program ended on May 31, 2021. You may apply only for PPP forgiveness.

To have your PPP loan wholly forgiven, you must have spent PPP funds on the following expenses between 8 and 24 weeks from the day you received PPP funding:

  • During the covered period you choose, at least 60% of loan proceeds must have been spent on payroll incurred, not necessarily paid (including the owner's pay, salaries, wages, vacation pay, leave pay, and health benefits, but not payments made to independent contractors);

  • Utilities before February 15, 2020;

  • Commercial rent (as long as the lease was in effect before February 15, 2020);

  • Property damage expenditures incurred as a result of public disturbances in 2020 that are not covered by insurance;

  • Mortgage interest before February 15, 2020;

  • Supplier costs incurred before securing your PPP loan that was critical to business operations;

  • Worker safety expenditures, such as personal protective equipment or property modifications, must be COVID compliant beginning March 1, 2020.

Application details

The only information you'll need to apply for loan forgiveness is:

  1. SBA loan number;

  2. Business Tax Identifying Number (TIN), which will be either your Social Security Number (SSN) or your Employment Identifying Number (EIN), depending on how you filed for your loan.

Most loans under $150,000 will be able to apply for forgiveness in about 5 minutes. The company has your information from the initial application, so the process is streamlined and straightforward.

If your loan was through Prestamos CDFI, you should apply for loan forgiveness via the SBA. For questions, you can contact Prestamos at ppp@cplc.org.

FAQ

Is Blueacorn accepting PPP applications?

No, You can no longer get PPP loan approvals (Paycheck Protection Program loan). The Paycheck Protection program ended on May 31, 2021.

How do you get PPP loan forgiveness in Blueacorn?

If you got your PPP loan through Blueacorn, you could use the new portal for the company to ask for forgiveness. You will need to make a unique login and have your SBA Loan number and SSN/EIN ready. It should only take about 5 minutes and can be done on any device.

How do I know if my PPP loan is approved by Blueacorn?

Unfortunately, a PPP loan is no longer available.

What to focus on before applying for a loan with Blueacorn

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Blueacorn and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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