Created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) provides eligible small businesses with cash-flow assistance through 100% federally guaranteed loans that can function like non-taxable grants. Through BlueVine, FLEETCOR customers can apply online for PPP loans. BlueVine’s technology and advisors are helping businesses quickly get access to these funds, which businesses can use for payroll costs. Although the first round of $349 billion in funding for the PPP was exhausted soon after the program launch in early April, Congress recently passed an additional $310 billion in funds for the program.
“Small businesses around the country will continue to inject their drive, ingenuity and hard work into the communities in which they operate, but we want to make it easier for them to do so in the midst of this challenging pandemic,” Alexey Gavrilenya, group president North America Fuel at FLEETCOR, said. “Our customers need assistance to navigate through roadblocks and processes, and our engagement with BlueVine will deliver this much needed support.”
BlueVine’s loan application process, including retrieving loan numbers from the SBA, is automated and online. Most U.S. small businesses with 500 or fewer employees that were in operation before Feb. 15, 2020, are eligible to apply for PPP loans including sole proprietorships, independent contractors, eligible self-employed individuals, non-profit organizations and tribal businesses.
“Our PPP loan application is fast, convenient and available to all backgrounds and businesses, even if they haven’t worked with BlueVine before,” Eyal Lifshitz, co-founder and CEO of BlueVine, said. “We are excited to partner with FLEETCOR on this crucial relief effort to support and protect the millions of small businesses that are in need of help amidst the COVID-19 crisis.”
FLEETCOR Technologies is a business payments company that simplifies the way businesses manage and pay their expenses.
BlueVine is a fintech company that provides products such as business checking, lines of credit, term loans and invoice factoring. Based in Redwood City, CA, BlueVine is backed by Lightspeed Venture Partners, Menlo Ventures, 83 North, SVB Capital, Citi Ventures, Nationwide Insurance and M12 (Microsoft’s Venture Arm). All lines of credit and term loan products are issued by Celtic Bank.