PPP Loan Update: (1/13/2021)
SBA, in consultation with the U.S. Treasury Department, opened up the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. Initially, the program will only accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.
Editor Note: This story was published last year and includes references to the original PPP loans program. But most of the links to the banks as well as the list of banks that participate should still be valid.
The SBA started to accept applications from participating lenders for the Small Business Paycheck Protection Program (PPP) last Friday. The program has a feature for loan forgiveness if the borrower meets certain criteria.
The loan forgiveness has made this $350 billion program a popular consideration for many small businesses as they are trying to pay their employees.
PPP, which is part of the $2 Trillion coronavirus stimulus bill (CARES Act), started out with some problems, including that many lenders were not ready to take applications on Friday.
On Monday, the Federal Reserve also announced it is working on a plan to finance these loans. Apparently, asset cap issues imposed by regulators forced some banks to stop accepting applications already or impose narrow customer requirements to minimize further loan applications.
The SBA guarantees PPP loans, but the funding comes from the bank.
There still is a lot of confusion about this program as it continues to evolve and the best strategy for small businesses appears to be to find a lender that will take their application now to get in line.
List of Banks and Credit Unions for SBA PPP Loans
To help small business owners find a bank, here is a list of known banks and credit unions that are accepting PPP loan applications.
Some financial institutions may have restrictions and others may temporarily have stopped accepting applications, but are taking wait-list applicants.
This should not be considered a complete list, but a place to start, especially for small businesses that use online-only banks, which rarely have SBA relationships.
- America First Credit Union
- Ameris Bank
- Atlantic Capital Bank
- Bank of America
- Blue Ridge Bank
- Celtic Bank
- First Commonwealth
- First Home Bank
- First United Bank
- Fountainhead SBF
- Fulton Bank
- JPMorgan Chase
- Midwest BankCentre
- Old National
- Peapack-Gladstone Bank
- Pinnacle Bank
- PNC Bank
- Ready Capital
- Silicon Valley Bank, or SVB
- Sunrise Banks
- Suntrust Bank
- TD Bank
- Umpqua Bank
- Univest Bank and Trust Co.
- US Bank
- Wells Fargo
- West Town Bank & Trust
Fintech Loan Access
Note: These fintech companies usually work with other banks to provide PPP loans. Please check their sites for details.
Over 24,000 Lenders on SBA List (Updated 5/13/2020)
Over 24,000 lenders are eligible to participate in this program according to the list published by the SBA. An interactive PPP lender finder is also available here.
Connect With Us And Other Small Business Owners
Please head over to our Facebook Group for Small Business Sellers and interact with other small business owners.