List of Banks Accepting SBA Paycheck Protection Program Loans – Update 5/13/2020

Bank Building

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.

READ MORE: The SBA Paycheck Protection Program Round 2 Starts Today, Monday April 27

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.

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.

Follow us on FacebookTwitter, and LinkedIn to stay up to date with relevant news and business insights for your online business.

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email