Exactly one week after the signing of the Coronavirus Aid, Relief and Economic Security (CARES) Act Act, the Payroll Protection Plan (PPP), a lifeline for small businesses, began providing emergency loans through participating banks. But according to government reports, it was primarily community banks that were accepting and approving applications on April 3, 2020. With the exception of the Bank of America, most major banks were not yet prepared to accept applications, since federal guidance had been released just the night before.
As a result of the short notice, many lenders who were taking applications were imposing restrictions such as requiring applicants to have an established bank account with them or have a bank account and an existing loan, business credit card or business line of credit. Given many business owners’ urgent need for financial relief, these setbacks were truly frustrating. Plus, the potentially forgivable loan program is first-come, first-served and capped at $349 billion, leading to long waits for customer service and answers to questions.
To help business owners cut through some of the confusion, SmartAsset is compiling the below list of PPP loan lenders and their application requirements. We will start with the most active banks in the Small Business Administration’s 7 (a) loan program and then add all other participating banks we can find. (The PPP is through the Small Business Admininstration’s 7(a) loan program’s infrastructure.) Please email us with any additional banks at info@smartasset.com. For hands-on help with your finances, consider hiring a financial advisor.
America First FCU
Headquartered in Utah, this large credit union is taking PPP loan applications from business account holders. You can start the application process only online. That said, the credit union says it takes only 15 minutes to become a business member.
Ameris Bank
Ameris Bank has branches in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia. It is accepting PPP loan applications only from current account holders at this time. To apply, contact your banker. For more information, this is their SBA relief website page.
Atlantic Capital Bank
Atlantic Capital Bank is accepting PPP loan applications from existing customers. If you haven’t already, you can begin the process by contacting your Atlantic Capital banker. If you already contacted your banker, you will receive an email with application instructions from ACB_Payroll_Protection@atlcapbank.com. (Emails began going out April 3, and continued over the weekend.) For more information, this is their PPP website page.
Bank of America Corporation
Bank of America is taking PPP loan applications from existing business clients. To qualify, you must have either 1) a small business lending and small business checking relationship with Bank of America as of February 15, 2020 or 2) a small business checking account opened no later than February 15, 2020 and no business credit or borrowing relationship with another bank. This major bank will only take applications online. You can start the process here. (You’ll have to sign into your small business account first.)
Bank of George
With two branches in Southern Nevada, the Bank of George (as in George Washington) is a community bank that lends to businesses in more than 30 states. It implies on its website that it will participate in the PPP, but does not provide instructions at this time. It does say that effective April 6, 2020, it will conduct in-person transactions by appointment only, though drive-through services are available at its Seven Hills office. For updates, here is the bank’s COVID-19 website page.
Capital One
This major bank expects to be able to accept online PPP loan applications soon. To apply, you must have a business banking relationship with Capital One as of February 15, 2020. It recommends checking their site for updates and for more information about the paperwork that will be required.
Cathay Bank
With roots in Los Angeles, Cathay Bank has 60 branches across the U.S., a branch in Hong Kong and three representative offices in China. It currently does not have information on its website about PPP loans. For updates, here is its COVID-19 page.
Citizens Bank
At this time, Citizens Bank is not ready to take PPP loan applications. When it is, it will accept only digital applications through a dedicated process that it is developing. Current business customers, with a loan or deposit relationship, will be given priority and should sign up here to be put on the email notification list. Non-customer potential applicants should check for updates here.
Comerica Bank
Comerica Bank is currently setting up its PPP application process. When it is up and running, Comerica will only accept online applications from current business customers who have a Comerica business checking account. For updates, here is the bank’s COVID-19 update page, where you can find details about the paperwork that will be required.
East West Bank
With headquarters in Southern California, East West Bank operates more than 125 locations worldwide, including in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. It is currently processing PPP loan applications and giving existing business checking account customers priority. It may begin accepting applications from new small businesses and organizations once it has helped its current customers. Contact your East West Bank banker to apply. For more information and updates, check here.
Embassy National Bank
With its emphasis on serving the communities in Lawrenceville, Duluth, Suwanee and Norcross, Georgia, Embassy National Bank is accepting PPP loan applications only from existing customers. You can find the application and instructions here.
Falcon National Bank
Falcon National Bank has headquarters in St. Cloud, Minnesota, and branches in Foley, Ham Lake, Isanti and Richmond. It has information about the PPP on its website, but not about its specific application process. The bank says to contact it for more information.
Fifth Third Bank
Fifth Third Bank is currently processing PPP loan applications from current customers. To apply, you must have a Fifth Third online banking profile or be a user of Fifth Third Direct. You can start the process by logging onto to your online business account through 53.com or Fifth Third Direct. The bank says that it will open applications to non-customers later in April. For updates, check here.
First Horizon Bank
At this time, First Horizon Bank is testing a small pilot application program. It says it will announce on its website when it is ready to start accepting online applications from its business customers. If you already signed up for information, you will receive an email with the application packet as soon as it’s available. If you want to receive this email, contact your First Horizon banker.
Five Star Bank
Five Star Bank is accepting online applications now. To qualify, you must have a Five Star Bank business checking account. If you don’t have an account, you can open one by setting up an appointment at one of its 50 branches across the country. The Warsaw, New York-based bank is requesting that customers not send or bring documents to their branch or business banking relationship manager unless requested. Here is its update page.
JPMorgan Chase Bank
The major bank is now taking PPP loan applications. To be eligible, you must be an existing Chase business checking account that’s been active since February 15, 2020.You’ll need to sign into your account to apply. For more information, go here (though the link to continue is not working). JPMorgan Chase says it is prioritizing applications in order of inquiry submissions.
Live Oak Banking Company
Live Oak Bank was taking PPP applications from existing loan customers but is no longer accepting new applications. If you are an existing customer, the nationwide bank says to contact your business analyst for more information. If you are not an existing customer, you can sign up for notifications here.
Midwest Regional Bank
One of the largest SBA lenders in Missouri, Midwest Regional Bank also has offices in Arizona, Colorado, Florida and Texas. Its website is not updated, though, with specifics on how to apply for a PPP loan with them. Instead, its customer representative said to call or email the SBA loan officer or bank officer at your local branch.
Newtek Small Business Finance
Newtek is currently taking applications. To begin the process, you’ll have to sign up here. You’ll be notified via email when a specialist is assigned to you and how to contact them. You’ll also be given directions about certain forms and documents. The business solutions company urges applicants to be patient.
Pinnacle Bank
Pinnacle Bank started in Nebraska and now serves a total seven states with 151 locations. On its website, it says it is accepting applications for PPP loans. To apply, you’ll need to call your Pinnacle financial advisor – or nearest branch if you don’t have one. The bank does not say if it’s restricting applications.
PNC Bank
With its parent company based in Pittsburgh, PNC Bank operates in 19 states and the District of Columbia with 2,459 branches. It is currently taking PPP loan applications from current business banking clients. To apply, you must have an online account. You can enroll here. If you are a client with more than $5 million in revenue, though, the bank says to fill out a contact form, so a PNC representative will contact you.
Wells Fargo Bank
Wells Fargo, a major SBA 7(a) lender, announced on April 5, 2020 that is aiming to distribute a total of $10 billion in PPP funds to small business customers who are nonprofits or small businesses with fewer than 50 employees. It is reviewing loan requests it received online through April 5, and is currently no longer taking applications. If that changes, they will make the announcement on their PPP website page.
Money Management Tips For Small Businesses
- If you’re worried about your small business during the COVID-19 crisis, a financial advisor can help. Finding the right financial advisor who fits the needs of your business doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
- Even as you explore PPP loans from banks, make sure you also explore options from companies providing coronavirus relief to businesses.
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