Which Banks Are Currently Accepting Payroll Protection Program Loan Applications?

Summary

An article on where to apply for PPP loans, saying the Payroll Protection Program (PPP) officially launched on Friday, April 3, and that not every bank is ready to accept applications. It describes applying through Fundera, which it says uses one online application to reach multiple PPP lenders accepting new customers. The article lists national banks, regional and local banks, and credit unions, with each one's stated eligibility, such as existing-customer requirements. Entries dated 4/8 say Hanmi Bank is not currently accepting PPP applications and Huntington Bank has paused on accepting new applications.

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Which Banks Are Currently Accepting Payroll Protection Program Loan Applications?

Where to Apply for PPP Loans

The Payroll Protection Program (PPP) officially launched on Friday, April 3. This new loan program from the federal government is designed to help small business owners affected by the coronavirus pandemic obtain funding to cover payroll, rent, and other obligations. If your business has been impacted, it’s time to figure out where to apply for a Payroll Protection Program loan .

Although the program is being administered by the Small Business Administration , the loans themselves will be disbursed by the nation’s banks, credit unions, and other federally approved lenders. That means small business owners need to apply for funding with their local and/or existing banking partner.

Not every bank is ready to accept applications and approve loans at this moment in time. Some major national banks are up and running with the PPP, while others are still finalizing their processes.

In addition, you likely won’t be able to walk into any bank and ask for a PPP loan. Most banks will require that you have an existing relationship with them and/or ask you to meet other requirements.

Let’s review where you can apply for a Payroll Protection Program loan today, assuming you meet their criteria. We are making an effort to focus on lenders that have some history of SBA lending as well.

Applying for a PPP Loan Through Fundera

If you have an existing relationship with a bank actively making PPP loans, we recommend considering that option. You can also review the lenders on the list below to find one that suits you and accepts applications from new customers.

In addition, business owners can apply for a PPP loan through Fundera. You’ll use one simple, online application to gain access to multiple PPP lenders accepting new customers. Since this program is experiencing unprecedented demand, we’ll be able to direct your application to the lender with the most bandwidth to process your application and turn it around quickly.

In the meantime, keep in touch with your preferred lender and see if they’re able to help you. Working with Fundera won’t prevent you from working with your bank if they change course or start accepting applications, and Fundera will contact you before we submit your application to any of our partners.

Our PPP application is 100% free for business owners. Click the link below to get started:

You can also contact local community banks in your area who are processing PPP applications for customers and ask if you can transfer your business deposit account to them, in order for them to accept your application. Some small business owners have reported success with this method.

National Banks Accepting PPP Loan Applications

Bank of America

Bank of America has an application portal ready to go and is accepting applications. In order to apply, you must have an existing business lending or business deposit relationship with Bank of America, meaning you have a business credit card, loan, or line of credit through the bank.

Chase Bank

Chase is accepting applications through its website . You need to be a current Chase business checking account holder, who’s had an account prior to February 15, 2020 to be eligible to apply.

Wells Fargo

According to a statement, Wells Fargo will focus on applications from nonprofits and small businesses with fewer than 50 employees. The bank has already announced that due to a high number of requests, they will no longer be accepting PPP applications. Read the full statement here .

Regional and Local Banks Accepting PPP Loan Applications

Ameris Bank

Fill out an application on the Ameris Bank website and follow the instructions in order to apply for a PPP loan. The site does not specify whether you need to be an existing customer.

Atlantic Capital Bank

Existing Atlantic Capital customers can apply for a PPP loan. Visit the Atlantic Capital website for information on how to get started.

BMO Harris

BMO Harris is accepting applications, but you need to have a BMO Business Deposit account or be a sole proprietor with a BMO Personal Deposit account. Visit their site to get started.

Byline Bank

Existing customers can apply for a PPP loan through Byline Bank , which is a top 100 SBA lender.

Celtic Bank

Apply for a PPP loan from Celtic Bank on its website . The site does not specify whether you need to be an existing customer.

Citizens Bank

Contact your Citizens Bank relationships manager to start an application. Only existing Citizens Bank customers can apply.

FirstBank

Download an application from the FirstBank website and then email it to your FirstBank banker for processing.

First Commonwealth Bank

You can start the application process by visiting the First Commonwealth Bank website and following their directions. Only existing customers can apply.

First Home Bank

Apply for a PPP from First Home bank on its website . The site does not specify whether you need to be an existing customer.

First United Bank

First United Bank is accepting applications from customers and non-customers on its website .

Frost Bank

Existing business checking customers at Frost Bank with accounts open as of April 1, 2020 can apply for a PPP loan .

Fulton Bank

Fulton Bank is currently accepting applications from existing Fulton Bank customers.

Hanmi Bank

Update, 4/8: Due to high demand, Hanmi Bank is not currently accepting PPP applications. Learn more via its online portal .

Huntington Bank

Update, 4/8: Huntington Bank has paused on accepting new applications. Previously, Huntington accepted applications from existing customers .

Independent Bank

Download the PPP application on Independent Bank’s website and contact a representative for more information on how to submit.

Liberty Bank

Liberty Bank is accepting applications from current customers. Email PaycheckProtectionProgram@Liberty-Bank.com to request an application.

Live Oak Bank

Live Oak Bank is currently processing PPP loan applications for existing loan customers , but is not accepting applications from new customers at this time.

Midwest BankCentre

Midwest BankCentre is accepting applications from existing customers in their local area. Customers can download an application via Midwest BankCentre’s website and submit the application by contacting their relationship manager, nearest branch, or by emailing HeyOrvSTL@midwestbankcentre.com .

Old National

Old National is accepting applications from small businesses, sole props, and nonprofits. Starting on April 10, it will accept applications from independent contractors and self-employed individuals. You must be a current Old National client in order to apply. Contact your loan officer or log into online banking to start your application.

Peapack-Gladstone Bank

You can find Peapack’s application form here and email PGBCovid19PPPRelief@pgbank.com to submit your application, as well as for any PPP-related assistance. You must be a current Peapack client to apply.

Pinnacle Bank

Small businesses and sole proprietorships can now apply for a PPP loan by contacting your Pinnacle advisor. Starting on April 10, independent contractors and self-employed individuals will be able to apply. More information can be found here .

PNC Bank

PNC Bank is now accepting PPP loan applications from customers who have existing business deposit or lending relationships with the bank. You can fill out an application online . The bank stresses that you cannot apply for this loan at a branch.

Sunflower Bank

You can start the application process with Sunflower by filling out an inquiry form here . You can also access their application form here .

Sunrise Bank

Sunrise Bank is accepting applications from new and existing customers.

TD Bank

Existing TD Bank business customers can apply for a PPP loan.

Umpqua Bank

Current Umpqua Bank customers can apply for a PPP loan here . Prospective customers can sign up for updates on when their application will be available to the general public here as well.

Univest Bank and Trust Co.

Univest is accepting PPP applications from current customers who are small businesses and sole proprietors. On April 10th, they will open applications up to current customers who are independent contractors or self-employed. Find an application form here.

U.S. Bank

You can fill out an inquiry form to start the PPP application process with U.S. Bank. Currently, U.S. Bank is contacting businesses using this form and will provide updates regarding their online application for other businesses here . Although U.S. Bank is accepting applications from non-customers, they’re recommending that non-customers start with a bank they already do business with.

West Town Bank & Trust

West Town Bank is accepting pre-applications for the PPP loan. You can complete a pre-application here . Small business and sole proprietorships will then be prompted via email regarding next steps. Starting on April 10, independent contractors and self-employed individuals will be eligible to apply.

Credit Unions and Non-Bank Lenders Accepting PPP Loan Applications

America First Credit Union

America First Credit Union is currently accepting applications from those with a business account with America First on its website .

Fountainhead SBF LLC

You can fill out a form to be entered into their processing queue, to be contacted later about applying.

Key Point Credit Union

KPCU is accepting applications from existing members that were active on or before February 15, 2020.

Navy Federal Credit Union

Navy Federal Credit Union is accepting applications from business members.

Newtek Small Business Finance, Inc.

One of the SBA’s 100 most active lenders, Newtek is currently accepting PPP applications .

Ready Capital

You can submit an inquiry form here to start the application process with Ready Capital.

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