Update, 4/27/20: Thanks to an interim spending deal, the Paycheck Protection Program (PPP) relaunched on the morning of April 27, 2020.
On April 23, 2020, Congress authorized an additional $310 billion for loans to small businesses through the “Paycheck Protection Program and Health Care Enhancement Act.” President Trump signed the bill into law on April 24.
This means business owners can once again apply for a PPP loan through lenders that are currently accepting and processing applications.
The SBA recently published a list of every participating PPP lender in each state. You can view their list here to see if your local bank is still taking part in the program.
In our list below, we are focusing on lenders that we have seen accepting PPP applications, and those that have an extensive history of SBA lending as well.
Where to Apply for PPP Loans
The Payroll Protection Program (PPP) officially launched on Friday, April 3. This new loan program from the federal government is designed to help small business owners affected by the coronavirus pandemic obtain funding to cover payroll, rent, and other obligations. If your business has been impacted, it’s time to figure out where to apply for a Payroll Protection Program loan.
Although the program is being administered by the Small Business Administration, the loans themselves will be disbursed by the nation’s banks, credit unions, and other federally approved lenders. That means small business owners need to apply for funding with their local and/or existing banking partner.
Not every bank is ready to accept applications and approve loans at this moment in time. Some major national banks are up and running with the PPP, while others are still finalizing their processes.
In addition, you likely won’t be able to walk into any bank and ask for a PPP loan. Most banks will require that you have an existing relationship with them and/or ask you to meet other requirements.
Applying for a PPP Loan Through Fundera
If you have an existing relationship with a bank actively making PPP loans, we recommend considering that option. You can also review the lenders on the list below to find one that suits you and accepts applications from new customers. Additionally, the SBA has created a tool for finding lenders eligible to issue a PPP loan in your area. Simply visit their Find Eligible Lenders page, put in your zip code, and view your options.
Business owners can also apply for a PPP loan through Fundera. You’ll use one simple, online application to gain access to multiple PPP lenders accepting new customers. Since this program is experiencing unprecedented demand, we’ll be able to direct your application to the lender with the most bandwidth to process your application and turn it around quickly.
In the meantime, keep in touch with your preferred lender and see if they’re able to help you. Working with Fundera won’t prevent you from working with your bank if they change course or start accepting applications, and Fundera will contact you before we submit your application to any of our partners.
You can also contact local community banks in your area who are processing PPP applications for customers and ask if you can transfer your business deposit account to them, in order for them to accept your application. Some small business owners have reported success with this method.
National Banks Accepting PPP Loan Applications
Bank of America
Bank of America has an application portal ready to go and is accepting applications. In order to apply, you must have an existing business lending or business deposit relationship with Bank of America, meaning you have a business credit card, loan, or line of credit through the bank.
Chase is accepting applications through its website. You need to be a current Chase business checking account holder, who’s had an account prior to February 15, 2020 to be eligible to apply.
According to a statement, Wells Fargo will focus on applications from nonprofits and small businesses with fewer than 50 employees. The bank has already announced that due to a high number of requests, they will no longer be accepting PPP applications. Read the full statement here.
Regional and Local Banks Accepting PPP Loan Applications
1st State Bank
1st State Bank is reportedly accepting applications from existing as well as new customers. Visit the bank’s website to fill out an application.
Fill out an application on the Ameris Bank website and follow the instructions in order to apply for a PPP loan. The site does not specify whether you need to be an existing customer.
Atlantic Capital Bank
Existing Atlantic Capital customers can apply for a PPP loan. Visit the Atlantic Capital website for information on how to get started.
BMO Harris is accepting applications, but you need to have a BMO Business Deposit account or be a sole proprietor with a BMO Personal Deposit account. Visit their site to get started.
Existing customers can apply for a PPP loan through Byline Bank, which is a top 100 SBA lender.
Apply for a PPP loan from Celtic Bank here. Both existing customers and new customers are eligible to apply.
Contact your Citizens Bank relationships manager to start an application. Only existing Citizens Bank customers can apply.
Cross River Bank
Cross River Bank is accepting applications from customers and non-customers alike. Complete your application here.
Eastern Bank is accepting request forms for the PPP application and says that it will prioritize existing customers first.
Existing customers of FinWise Bank can apply for a PPP loan.
Download an application from the FirstBank website and then email it to your FirstBank banker for processing.
First Commonwealth Bank
You can start the application process by visiting the First Commonwealth Bank website and following their directions. Only existing customers can apply.
First Home Bank
Apply for a PPP from First Home bank on its website. The site does not specify whether you need to be an existing customer.
First United Bank
First United Bank is accepting applications from customers and non-customers on its website.
Existing business checking customers at Frost Bank with accounts open as of April 1, 2020 can apply for a PPP loan.
Fulton Bank is currently accepting applications from existing Fulton Bank customers.
Harford Bank says they plan to accept new applications from small business owners. Visit their website for more information.
Update, 4/8: Due to high demand, Hanmi Bank is not currently accepting PPP applications. Learn more via its online portal.
Update, 4/8: Huntington Bank has paused on accepting new applications. Previously, Huntington accepted applications from existing customers.
Download the PPP application on Independent Bank’s website and contact a representative for more information on how to submit.
Liberty Bank is accepting applications from current customers. Email PaycheckProtectionProgram@Liberty-Bank.com to request an application.
Live Oak Bank
Live Oak Bank is currently processing PPP loan applications for existing loan customers, but is not accepting applications from new customers at this time.
Mechanics Bank is accepting applications from existing customers currently.
Midwest BankCentre is accepting applications from existing customers in their local area. Customers can download an application via Midwest BankCentre’s website and submit the application by contacting their relationship manager, nearest branch, or by emailing HeyOrvSTL@midwestbankcentre.com.
NexTier Bank is accepting PPP loan applications and has reported success in getting funded. They are focusing on businesses in their geographical footprint in western Pennsylvania. You can get started here.
The Mint National Bank
The Mint National Bank is accepting applications from existing customers.
Old Dominion National Bank
Customers at Old Dominion can reach out to their bank representatives to begin the loan application process. Find out more on their website.
Old National is accepting applications from small businesses, sole props, and nonprofits. Starting on April 10, it will accept applications from independent contractors and self-employed individuals. You must be a current Old National client in order to apply. Contact your loan officer or log into online banking to start your application.
Open Bank is accepting applications from existing Open Bank customers at present.
You can find Peapack’s application form here and email PGBCovid19PPPRelief@pgbank.com to submit your application, as well as for any PPP-related assistance. You must be a current Peapack client to apply.
Small businesses and sole proprietorships can now apply for a PPP loan by contacting your Pinnacle advisor. Starting on April 10, independent contractors and self-employed individuals will be able to apply. More information can be found here.
PNC Bank is now accepting PPP loan applications from customers who have existing business deposit or lending relationships with the bank. You can fill out an application online. The bank stresses that you cannot apply for this loan at a branch.
Radius Bank is accepting PPP loan applications, and you can get started here.
If you’re an existing Regions Bank customer, you can apply for a PPP loan on their website.
According to its website, the Republic Bank PPP loan program “is available to current customers and non-customers located in neighboring counties of Pennsylvania, New Jersey, and New York.”
Spirit of Texas Bank
Existing Spirit of Texas customers can apply for a PPP loan; visit their website to get started.
Sunrise Bank is accepting applications from new and existing customers.
Synovus Bank is accepting applications from existing customers.
Existing TD Bank business customers can apply for a PPP loan.
TCF National Bank
You can start the process of applying with TCF National on their website or contact your relationship manager.
The State Bank Group
If your businesss is located in the southern Wisconsin/Northern Illinois/Chicago suburbs, you can apply for a PPP loan through The State Bank Group on their website.
Trustmark Bank is currently accepting applications for the PPP loan.
Union Bank and Trust
Union Bank and Trust is accepting applications from business with whom they have “established relationships (loan, deposit, trust, or investment account established prior to 3/1/2020).”
Univest Bank and Trust Co.
Univest is accepting PPP applications from current customers who are small businesses and sole proprietors. On April 10th, they will open applications up to current customers who are independent contractors or self-employed. Find an application form here.
You can fill out an inquiry form to start the PPP application process with U.S. Bank. Currently, U.S. Bank is contacting businesses using this form and will provide updates regarding their online application for other businesses here. Although U.S. Bank is accepting applications from non-customers, they’re recommending that non-customers start with a bank they already do business with.
If your business is located in Texas, Southern California, or the Atlanta metro area, you can currently apply for a PPP loan through Wallis Bank.
West Town Bank is accepting pre-applications for the PPP loan. You can complete a pre-application here. Small business and sole proprietorships will then be prompted via email regarding next steps. Starting on April 10, independent contractors and self-employed individuals will be eligible to apply.
Zions Bank is accepting applications but says they will prioritize existing customers.
Credit Unions and Non-Bank Lenders Accepting PPP Loan Applications
America First Credit Union
America First Credit Union is currently accepting applications from those with a business account with America First on its website.
BlueVine is an online lender accepting applications from new and existing customers. Fill out your application here.
Cornerstone SBA Lending
Cornerstone SBA Lending is currently accepting applications from small business owners, but not independent contractors and sole proprietors. Learn how to apply on its website.
Fountainhead SBF LLC
You can fill out a form to be entered into their processing queue, to be contacted later about applying.
Harvest Small Business Finance
Harvest is accepting applications from new and existing customers.
Key Point Credit Union
KPCU is accepting applications from existing members that were active on or before February 15, 2020.
Navy Federal Credit Union
Navy Federal Credit Union is accepting applications from business members.
Newtek Small Business Finance, Inc.
One of the SBA’s 100 most active lenders, Newtek is currently accepting PPP applications.
PayPal merchants only can apply for a PPP loan through the fintech company.
If you’re a QuickBooks Payroll or Intuit Online Payroll customer, you can apply for a PPP loan through your account. QuickBooks Capital may be available to new customers in the future.
Similar to PayPal and Quickbooks, Square sellers are able to apply for a PPP loan directly through the fintech. Square says that non-sellers can sign up to receive notice of when they can apply through Square.