I manage several WordPress websites hosted on both Bluehost's VPS and Shared Hosting plans. In around April this year, PHP 7.4 has been added to Bluehost's VPS plans. Recently, Bluehost also added support for PHP 7.4 for Shared Hosting plans.
If you sign up for BH's Shared Hosting plan by clicking on the referral links contained in this article or the following banner, you are able to use it starting from USD2.95/month (with 1USD off per month) and I will get some commission. However, I do not recommend Bluehost just for commission; I have been running and managing some WordPress sites from several web hosting companies including BH and SG for years. If you are looking for a cheap web hosting service with relatively good resources, Bluehost's Shared Hosting will be a good option to consider.
Bluehost added support for PHP 7.4 for Shared Hosting plans
The current PHP version is 7.4. SiteGround has added support for PHP 7.4 immediately after PHP 7.4 was released. Bluehost has been somewhat slow to introduce latest PHP version. Several months ago, Bluehost added support for PHP 7.4 for VPS plans. Now, this PHP version is also available for Bluehost's Shared Hosting.
If you use BH's VPS plan and the highest available PHP version is still 7.3, you can add support for PHP 7.4 via WHM.
In Shared Hosting plans, now 7.4 version is available. To apply PHP 7.4 on your websites, please click on Advanced and then type 'php' in the search field.
The above screen will appear. Click on the MultiPHP Manager tool where you can switch the PHP version.
You choose one from PHP 7.0, PHP 7.1, PHP 7.2, PHP 7.3, PHP 7.4 and PHP 5.2. For performance and security, it's recommended to select PHP 7.4. Most WordPress themes including Avada, Enfold and Newspaper work well without error with PHP 7.4.
You can specify PHP version per domain name (while it's possible to specify PHP version based on first-level sub-directory in SiteGround.)
Under WordPress Admin > Tools > Site Health > Info > Server, you can confirm that PHP 7.4 has been applied. The current version number is 7.4.9 as of today.
It is very likely we will see PHP 8.0 with JIT this year (which is planned to be released on November 26, 2020.) When PHP 8.0 is released, probably significant performance improvements.
※Bluehost will soon introduce a new and easier-to-manage control panel, where users can manage profile, billing, security and site details all in one place.