Congress approved $284.5 billion in new Paycheck Protection Program funding as part of a larger COVID-19 relief package that President Trump signed into law on Dec. 27.
Under the new package, additional types of businesses and industries have been made eligible for PPP loans, including housing and small agricultural cooperatives, 501(c)(6) organizations, and certain news outlets.
Furthermore, businesses that have no more than 300 employees, can demonstrate at least 25% reduction in annual gross receipts or in any 2020 quarter as compared to the same quarter in 2019, and have used or planned to use all of their first PPP loan may be eligible for a second PPP loan.
The SBA began accepting first and second PPP loan applications on Jan. 11 and 13, respectively, via community financial institutions (CFIs) that traditionally work with underserved groups. The move was an effort to expand access for women-, minority-, and veteran-owned businesses. Small lenders—defined as those with less than $1 billion in assets—began submitting applications on Jan. 15. All other lenders will be eligible to submit applications on Jan. 19.
Here’s a roundup of banks, CDFIs, credit unions, and online lenders that are currently accepting applications for first- or second-draw PPP loans.
Where to Apply for PPP Loans
American Lending Center
American Lending Center, a nonbank lender, is accepting PPP loan applications on its website.
AmPac Business Capital
This community lender is accepting applications for PPP loans of $50,000 or less via its website.
AltCap, a CDFI, is focused on serving small and minority-owned businesses in the Kansas City area. It is currently accepting applications for first and second PPP loans on its website.
Bank of Hope
Existing Bank of Hope customers can apply for first or second loans through the lender.
Black Business Investment Fund Florida
Black Business Investment Fund (BBFI) Florida, a nonprofit CDFI, is accepting applications from Florida businesses. Existing BBFI Florida customers should contact their lender directly to apply. New customers can fill out an application for a first or second PPP loan on BBFI Florida’s website.
BlueVine, an alternative lender, is accepting applications for first and second PPP loans from new and existing customers.
BMO Harris is accepting applications from its existing customers. If you received a PPP loan from BMO Harris previously, you can apply for a second loan through its website. If you are a first-time PPP borrower, you should contact your local BMO Harris branch for assistance.
This community lender is now accepting PPP loan applications.
Current Byline Bank customers can now apply for first or second PPP loans through the lender.
Centerstone SBA Lending
This non-bank lender is accepting applications for first- and second-draw PPP loans. Learn more on its website.
Compeer Financial, a member-owned Farm Credit cooperative, is currently accepting PPP applications on its website.
Colorado Enterprise Fund
Colorado Enterprise Funds is accepting applications for first and second PPP loans on its website.
EagleBank is accepting applications from customers who had a bank account or active loan with the bank as of June 30, 2020. Borrowers who previously received a PPP loan through EagleBank should reach out to their relationship manager or find out more information on the bank’s website. Those who did not previously receive a PPP loan should email FirstTimePPPLoan@eaglebankcorp.com.
East West Bank
East West Bank, a minority depository institution, began accepting applications for first PPP loans on Jan. 11. and second PPP loans on Jan. 13 from existing customers who have a business checking account. Contact your relationship manager or a branch representative for more information.
The Enterprise Center Capital Corporation
This CFDI is accepting first and second PPP loan applications from businesses across the country.
Falcon National Bank
Falcon National Bank is only accepting PPP applications from existing customers. Reach out to your banker for more information.
Fountainhead SBF LLC
This non-bank commercial lender is now accepting applications for first and second PPP loan applications via its website.
Growth Capital is accepting applications for second-draw PPP loans.
Harvest Small Business Finance
Harvest Small Business Finance is accepting applications for first and second PPP loans from new and existing customers.
HOPE Credit Union
Hope Credit Union, a CDFI, is currently accepting PPP applications from new and existing customers. It will accept applications from businesses in the following states: Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Virginia, and Texas.
Independent Bank is now accepting applications for second-draw PPP loans.
The Latino Economic Development Center
The Latino Economic Development Center is accepting PPP applications from businesses located in Maryland, Washington, D.C., northern Virginia, or Puerto Rico via its website.
MBE Capital Partners
MBE Capital Partners, a fintech company, is now accepting PPP loan applications. You can learn more here.
Newtek Small Business Finance, Inc.
One of the SBA’s 100 most active 7(a) lenders, Newtek, is currently accepting first and second PPP loan applications.
Northfield Savings Bank
Northfield Savings Bank is accepting applications for first and second PPP loans from its customers and Vermont-based businesses. You can access the application on its website.
Open Bank is accepting applications for second-draw PPP loans from new and existing Open Bank customers.
Opportunity Resource Fund
Opportunity Resource Fund is accepting applications for first and second PPP loans from Michigan-based businesses.
PeopleFund is accepting applications for first and second PPP loans via its website.
This CDFI is accepting applications for first-time PPP loans on its website.
This Minnesota-based lender is accepting first and second PPP applications.
Raza Development Fund
Renaissance Community Loan Fund
Renaissance Community Loan Fund is now accepting PPP applications for Mississippi businesses via its website.
Renaissance Economic Development Corporation
This CDFI is accepting applications from New York City-based businesses. Fill out an interest form on its website, and a business counselor will contact you to start your application.
Rural Community Assistance Corporation
This nonprofit is accepting first and second PPP applications. Visit its website for more information.
Seattle Bank is accepting second-draw PPP loans from existing customers via its website.
Small Business Assistance Corporation
Small Business Assistance Corporation (SBAC) is accepting PPP loan applications from businesses based in the southeastern Georgia and South Carolina counties that it serves, but is prioritizing existing customers. See if your business is in a covered area, and apply via its website.
Sunrise Banks, a community development financial institution, is accepting applications for first-draw PPP loans on Jan. 11 and for second-draw PPP loans on Jan. 13. You do not need to be an existing Sunrise Banks customer to apply through the bank.
Union Bank and Trust
Union Bank and Trust is accepting first and second PPP applications via its website. The bank is accepting applications from businesses and nonprofits located in Nebraska and Kansas, but will prioritize existing customers.
Valley Economic Development Partners
Valley Economic Development Partners is now accepting applications for PPP loans.
Wallis Bank is accepting PPP applications from existing customers.
Zions Bank is accepting applications for first and second PPP loans via its website.