With a new round of Paycheck Protection Program (PPP) funding scheduled to be released today, small business owners are anxiously waiting to hear back about their application status. While the new $310 billion PPP funding may seem promising to some, industry experts warn the new round of funding could dry up in a matter of days.
Given the number of applications left over from the last round of funding, larger financial institutions such as JP Morgan had to turn away new applicants in order to focus on processing the existing applications in their system. The banking giant emailed its customers last week suggesting that they might be better off applying elsewhere.
For businesses needing to submit an application or needing to re-apply, here are 28 PPP lenders still accepting loan applications as of April 27.
1) BancorpSouth is an SBA preferred lender and is still accepting loan applications. Contact your Relationship Manager or local branch for information.
2) Native American Bank is headquartered in Denver with a location on the Blackfeet Reservation in Montana, and is the only national community development bank owned by a consortium of Tribes, Tribal Entities, and Alaska Native Corporations. It is open to PPP loan applications in its markets (including Indian Country across the U.S.). Contact the bank for more information.
3) Sunrise Banks is focusing on those who applied in the first round and have resubmitted an electronic application. Currently only accepting new applications from customers and not accepting new applications from non-customers.
4) United Community Bank is currently accepting new PPP applications for small businesses that have registered to receive an application link. Applications will be processed in the order in which they are received and completed. Complete the form here to receive an application link from United. If you have already submitted your information and requested an application link, there is no need to re-submit. Your place in line to receive an application link is determined by your first inquiry.
1) America First Credit Union: The Utah-based credit union is only accepting applications through its website from existing credit union members with a business owner account.
2) Hope Credit Union is currently accepting applications for the PPP program and will continue processing completed applications as long as funds are available.
3) Navy Federal Credit Union is still accepting applications, but will only accept applications from members with existing business accounts. To apply, log into your Navy Federal portal and fill out an application.
4) Self-Help Credit Union: If you have submitted a PPP application to Self-Help and it has not yet been approved by SBA, follow up to check your application status. If you have not yet applied to Self-Help and would like to be notified if/when Self-Help re-starts the program to serve more businesses, fill out a contact form here.
1) Community Reinvestment Fund is partnering with Goldman Sachs 10,000 small businesses to provide PPP loans to small businesses and nonprofits across the country. It is currently accepting loan inquiries from businesses and nonprofits located in Missouri, New Hampshire, Ohio, Rhode Island, and Salt Lake County, Utah. If you are in one of these communities, fill out an inquiry form here.
2) DreamSpring is currently accepting applications for businesses in the states of New Mexico and Colorado. To apply, fill out the form here. If you have already submitted an application to DreamSpring for a PPP loan, you do not need to fill out this form. A loan officer will be in touch shortly if additional information is required.
Online and FinTech Lenders
1) Biz2Credit provides a fast and secure online application process. Complete loan application for the Paycheck Protection Program online. Upload your required document and fill in a short questionnaire about your business. A Funding Specialist will get in touch with you to complete the process.
3) Boefly is an online marketplace for small business loans. In partnership with their lending partners, Boefly is accepting applications for this SBA program now at no cost (waiving the $1,499 fee). They use dynamic compatibility technology to match your application with an extensive network of lenders when they are ready to help and take on funding these loans.
5) Divvy helps guide you through the application and provides you with fast servicing through its technology-forward banking partner and SBA Preferred Lender, Cross River Bank. Divvy is currently accepting new customers.
6) Fountainhead is a nonbank lender licensed to make SBA 7(a) loans. Make a loan request online as the first step in the application process. Fountainhead is taking applications from any small business, not just existing customers.
7) Fundera is an online marketplace for small-business loans that allows business owners to apply to multiple lenders with one application.
8) Funding Circle is now accepting PPP applications. Register here to secure your spot in line and a Funding Circle account manager will reach out to complete your loan application and supporting documents.
9) Fundbox can connect you to a partner lender and guide you through the process.
10) Kabbage is accepting PPP applications for new and existing customers. Note, Kabbage can only process loans of up to $2 million.
11) Intuit is helping small business owners, self-employed individuals, and other eligible applicants to apply for a PPP loan. Sign in to your portal to start your application. You need to be a Payroll customer or a QuickBooks Self-Employed customer who filed 2019 taxes with TurboTax Self-Employed.
14) OnDeck: If you have not already been approved for a PPP loan, you can apply now through OnDeck, even if you have put in a PPP application elsewhere. Applying for a PPP loan with OnDeck will not impact the status of any prior PPP applications you may have submitted. Fill out an application here. Applications from existing OnDeck customers may be prioritized over non-customers for submission to the SBA.
17) Square Capital is only processing applications for Square customers. If you are a Square customer, be on the lookout for an email or update in your Square Dashboard for an invitation to apply. If you’re not currently a Square customer, sign up for a Square account to receive updates about when you may be able to apply.