COVID-19 CARES Act: Summary of PPP Lenders
Note: This article was originally published April 6, 2020 and has since been updated.
The Small Business Administration’s (“SBA“) Paycheck Protection Program (“PPP“) launched on Friday, April 3, 2020. Since the program launched on Friday, many U.S. banks are processing applications for 7(a) loans under the PPP only for existing clients. Some banks have already stopped taking PPP Loan Applications. Others are not ready to accept applications. Below is a summary of the current status of the PPP Loan applications for some of the largest financial institutions authorized by the SBA to issue 7(a) Loans. This list is not exhaustive. Information changes hourly; please follow the links below for updates from specific lenders.
Chase Bank is currently taking applications from existing Chase Business customers. Updates will be posted here.
What you need to know before applying for a PPP Loan with Chase
- Borrowers must have an existing Chase Business checking account that’s been active since February 15, 2020.
- The person applying must be authorized to borrow on behalf of the business.
- The borrower cannot apply if the business already received a PPP Loan from Chase or applied for a PPP Loan from another financial institution.
- The minimum PPP Loan amount is $1,000, and the maximum amount is determined based primarily on the borrower’s payroll-related costs, but cannot exceed $10 million.
- This amount may be reduced based on loans to a borrower’s affiliated companies.
- Borrowers should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL).
- Borrowers may request forgiveness of some or all of the principal balance of the loan.
- Forgiveness is only available if borrowers use the funds for certain purposes as permitted by the SBA.
- To request forgiveness, borrowers must provide documentation, and must certify, that the loan funds were used for SBA-qualifying purposes.
- The borrower will be responsible for paying back any amounts not forgiven.
Wells Fargo is no longer taking PPP Loan applications. The bank states that it has received PPP Loan applications from customers, and it is expected that those applications will fill Wells Fargo’s capacity to lend under the program. Wells Fargo will review all applications submitted by customers via their online form through April 5 and provide updates in the coming days.
Bank of America
Bank of America is currently taking applications from existing Bank of America Business customers. Apply here.
What you need to know before applying for a PPP Loan with Bank of America
- Borrowers must be Small Business clients with either:
- a Small Business lending and Small Business checking relationship with Bank of America as of February 15, 2020; OR
- a Small Business checking account opened no later than February 15, 2020 and no business credit or borrowing relationship with another bank.
- A client’s pre-existing lending relationship with Bank of America may include small business, commercial or corporate credit cards, conventional business loan or lease, business lines of credit, business auto loans, practice solutions loans, trade and asset-based loans.
- All PPP Loan applications, information and correspondence will occur online and through email, including the application process, submission of required documents, and follow up correspondence.
- Borrowers must have a Business Online Banking account. If you are an existing client and do not currently have an online account, you must enroll in Business Online Banking as soon as possible.
- After submitting a PPP Loan application with Bank of America, the Bank will contact you with next steps and to collect any required documents. Do not proactively deliver or send documents to Bank of America Financial Centers or banking teams.
Capital One is currently testing its systems with a small number of PPP Loan applications. Updates will be posted here.
What you need to know before applying for a PPP Loan with Capital One
- Borrowers must have a business banking relationship with Capital One as of February 15, 2020.
- Capital One recommends that borrowers begin compiling the following information:
- Date of business origination and business address
- Business Employer Identification Number (EIN)
- Payroll information detailing monthly costs for employees over the last 12 months, unless a borrower is a seasonal employer.
US Bank is currently emailing invitations to apply to those who have completed the inquiry form, beginning with single-owner businesses (sole proprietorships, S-Corps, LLCs, and non-profits). The Bank expects to expand to all types of eligible businesses, independent contractors, multi-owner business and non-profits in the coming days.
US Bank will accept submissions from non-U.S. Bank customers. However, borrowers are encouraged to start with a bank where they already do business.
US Bank will not accept the U.S. Treasury’s application form. Applicants should fill out an inquiry form here.
Other SBA Section 7(a) Loan lenders
The Banks listed below are some of SBA’s most active SBA Section 7(a) Loan lenders. This is not an exhaustive list. The following updates are as of April 6, 2020.
- 21st Century Bank – Currently processing PPP Loan applications for existing customers. Details here.
- America First FCU – Apply by clicking Apply Now. Details here. Borrowers need to have a business account to apply. New clients may set up an account and apply.
- Ameris Bank – Fill out an application here and submit to PPP@amerisbank.com. See more details. Accepting applications only from current Ameris Bank account holders.
- Atlantic Capital Bank – Must be an existing client to apply for a PPP Loan. See more details here.
- Bank of George – See more details and the documents a borrower will need to apply for the PPP Loan here.
- Bank of Hope – No information on PPP Loan applications yet. Call 888-972-5363 for details. Updates here.
- Bank of the West – PPP Loans only available to Bank of the West customers with a business checking account on or before February 15, 2020.
- BankUnited – Only accepting PPP Loan applications from customers with deposit relationships only. See more details here.
- BBVA Compass – BBVA Compass temporarily closed the PPP Loan application portal due to overwhelming response. The portal will reopen once BBVA Compass processes the applications it already received. See details here. You must use BBVA Online Banking and apply online.
- Berkshire Bank – Berkshire Bank Small Business Customers should fill out a Contact Us form.
- Byline Bank – See more detail here. If you’re a current customer, contact your Portfolio Manager.
- Cadence Bank – PPP Loan applications will be available for existing business clients. Learn more here. Cadence Bank is finalizing its online loan application process.
- Celtic Bank – Not accepting PPP Loan applications yet due to the SBA not yet releasing initial guidance. See more details here. You can start by filling out a form here.
- Citizens Bank – Updates will be posted Existing customers can request an application here.
- Comerica Bank – Existing customers will get first priority. See updates here.
- Customers Bank – Complete the PPP Loan Application at the bottom of the webpage. Customers Bank notes that if you have an existing SBA loan, the SBA will cover the next six months of principal and interest starting April 2020 (for 7A and 504 loans.)
- East West Bank – Fill out the application form here. Only existing customers’ PPP Loan applications are currently being accepted.
- Fifth Third Bank – Existing Fifth Third customers can apply online. The Bank expects to begin servicing non-customers later in April. See more details here.
- FirstBank – Download an application and see the list of required documentation here. Then email it along with the required documentation to your FirstBank banker.
- First Commonwealth Bank – Complete an application here and include 2019 Form 941 or Form 944 and a beneficial ownership form. Upload the application on their DropBox site or mail the application.
- First Financial Bank – Details will be posted here. First’s SBA clients who have accounts opened prior to April 1, 2020 may apply.
- First Home Bank – Due to overwhelming response, First Home Bank suspended taking PPP Loan applications. See more details
- First Horizon Bank – Expects to begin processing PPP Loan applications soon. Updates here.
- First Western – To apply, please fill out the application form and submit it to First Western Bank & Trust and include other required documentation. Application form and updates can be found here.
- Five Star Bank – Customers must have a Five Star Bank Business Checking Account. If you do not currently have an account, you must open a Five Star Bank Business Checking Account as soon as possible. See more details here.
- Fountainhead SBF LLC – Expecting to take applications soon. Borrowers should have a completed application (SBA Form 2483) along with copies of their IRS Form 940, payroll reports or acceptable documentation that proves that they paid salary and payroll taxes on or around Feb. 15, 2020, and driver’s license of all 20% or more owners. For updates and PPP Loan application see here.
- Frost Bank – Borrowers can apply with the SBA application here. Only for existing Frost business checking customers.
- Fulton Bank – Existing Fulton Bank business customers can apply with the SBA application. See details here.
- Hanmi Bank – Details here.
- Harvest Small Business Finance, LLC – Not accepting applications at this moment. Updates here.
- HomeTrust Bank – Due to high volume of applications, HomeTrust has suspended accepting any new applications at this time. Updates here.
- Huntington National Bank – Name of the business applicant must match name of the Huntington Business Checking account in which the funds are being deposited. See updates here.
- IncredibleBank – Currently processing PPP Loan applications for current customers, not accepting new applications at this time. See details here.
- KeyBank National Association – Existing business clients can apply online. Updates will be posted here.
- Live Oak Banking – Currently processing PPP Loan applications for existing loan customers and are unable to accept new applications at this time. Sign up here to see when the Bank is accepting applications.
- M&T Bank – Currently accepting application from customers who have an M&T Business checking account (opened as of 2/15/2020). Updates may be posted here.
- Metro City Bank – Borrowers can submit a PPP Loan application and send application documents to MCBPPPLoan@metrocitybank.bank. Not limited to existing clients.
- Mountain Pacific Bank – Currently working on a checklist (for required documentation) and an application packet. Updates here.
- Northwest Bank – Currently working on the application process. Updates here.
- Old National Bank – Currently accepting applications for existing Old National clients only. Clients should have had an active account or loan with Old National prior to March 31, 2020. Contact a loan officer for details or call 1-800-731-2265. Details here.
- Pacific City Bank – SBA loan page is here, no details for PPP Loan applications.
- Pacific Western Bank – No details about the PPP Loan application. Contact your Pacific Western Bank Banker or Relationship Manager for more information. Learn more here.
- Peapack-Gladstone Bank – See this update, borrowers should email PGBCovid19PPPRelief@pgbank.com for help.
- Pinnacle Bank – Accepting applications. Details here.
- PNC Bank – Must have an existing business deposit or lending relationship with PNC. Details here.
- Readycap Lending, LLC – Submission form is now closed. Details here.
- Regions Bank – Only accepts applications from Regions customers who established a banking relationship on or prior to March 1, 2020. Updates here.
- Seacoast Commerce Bank – Seacoast Commerce Bank partnered with Kabbage to help expedite the processing and funding of your SBA PPP loan. Details here.
- TD Bank – Customers should collect the materials outlined within the application to help expedite the application process. Details here.
- The MINT National Bank – currently processing PPP Loan applications for its eligible customers. Details here.
- Trustmark National Bank– Currently accepting online applications. Details here.
- Umpqua Bank – Temporarily suspended accepting new applications. Details here.
- Union Bank – Updates are posted here, but nothing specifically about PPP Loans.
- United Community Bank – Temporarily suspended its application process, priority will be given to its current customers. Sign up here for updates on PPP.
- Univest – Univest is currently accepting applications only from current Univest customers that are small businesses and sole proprietorships and will begin accepting applications on April 10, 2020 for current Univest customers that are independent contractors and self-employed individuals. Details here.
- US Metro Bank – No updates about PPP Loans yet. Updates on SBA loans here.
- VelocitySBA – Not accepting PPP Loan applications.
- Wallis Bank – Due to extremely high demand for PPP Loans, Wallis Bank is only accepting applications from Texas, Southern California and the Atlanta Metro area at this time. Details here.
- Zions Bank – Expecting to launch online applications soon. Details here.