Do I Have to Pay Back My BlueAcorn PPP Loan?

So you got a PPP loan through BlueAcorn and are wondering if you have to pay it back? Well the answer depends on whether you apply for forgiveness and get approved.

Here’s the deal:

• If you apply for forgiveness and get approved, you won’t have to pay back your loan. This is the best-case scenario, as it essentially turns your loan into a free grant.
• If you don’t apply for forgiveness or your application is denied, you will have to pay back your loan with interest. The interest rate is 1%, which is pretty low, but you’ll still be on the hook for the principal amount of the loan.

Here’s what you need to know about applying for forgiveness:

• You must apply for forgiveness within 10 months of receiving your loan. After 10 months, you’ll start accruing interest on your loan and will have to start making payments.
• You can apply for forgiveness directly through BlueAcorn or through the SBA. BlueAcorn makes the process easy, but the SBA has the final say on whether your application is approved.
• To be eligible for forgiveness, you must have used your loan funds for eligible expenses, such as payroll, rent, and utilities. You’ll need to provide documentation to support your expenses.

Here are some additional things to keep in mind:

• If you received your loan through Prestamos CDFI, you’ll need to apply for forgiveness through the SBA.
• The SBA may audit your loan to verify your expenses.
• If your forgiveness application is denied, you can appeal the decision.

Here are some additional resources:

• BlueAcorn FAQ: https://blueacorn.co/faq/
• BlueAcorn Forgiveness Application: https://app.blueacorn.co/
• SBA PPP Forgiveness: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness

Please note that the information in this response is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any decisions about your PPP loan.