Note: The Paycheck Protection Program closed to new applicants on August 8, 2020. This page will be updated if and when the federal government passes legislation to restart the program or create additional small business financial relief.
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.
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.
Here are the national banks accepting PPP loan applications.
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.
Wells Fargo will accept PPP loan applications for existing customers. Read their guidelines in full here.
Here are the regional banks accepting PPP loan applications.
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.
Contact your Citizens Bank relationships manager to start an application. Only existing Citizens Bank customers can apply.
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.
Apply for a PPP from First Home bank on its website. The site does not specify whether you need to be an existing customer.
Existing business checking customers at Frost Bank can apply for a PPP loan. Non-customers must open a checking account with the bank in order to apply.
Fulton Bank is currently accepting applications from existing Fulton Bank customers.
Download the PPP application on Independent Bank’s website and contact a representative for more information on how to submit.
Connecticut residents can apply for a PPP loan through Liberty Bank here.
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.
Open Bank is accepting applications from existing Open Bank customers at present.
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.
Sunrise Bank is accepting applications from existing customers.
Existing TD Bank business customers can apply for a PPP loan.
If your business 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 is accepting applications from business with whom they have “established relationships (loan, deposit, trust, or investment account established prior to 3/1/2020).”
U.S. Bank is accepting applications to the PPP through July 29, 2020.
Zions Bank is accepting applications but says they will prioritize existing customers.
Here are the non-bank and credit union lenders accepting PPP applications.
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.
You can fill out a form to be entered into their processing queue, to be contacted later about applying.
Navy Federal Credit Union is accepting applications from business members.
One of the SBA’s 100 most active lenders, Newtek is currently accepting PPP applications.