Looking for a CARES Act SBA 7(a) Payroll Protection Program (PPP) loan?
** Breaking News – 4/6/20 – Various media outlets including CNBC are reporting that the SBA’s E-tran system, to which banks utilize to submit their PPP loan applications, has been crashing today resulting in many PPP loans not being received by the SBA.
Where do I apply?
Many banks, credit unions, and other FDIC-insured financial institutions are eligible to participate in the CARES Act SBA 7(a) PPP loan program. Some may initially just work with their current banking customers and then expand to others, whereas some may accept anyone. In addition to traditional financial institutions, there are other financial institutions and non-bank SBA lenders who are building portal sites for processing PPP applications. Also, some large FinTech companies would like to participate as well but need Treasury approval to do so, which some Congressional leaders are encouraging. Note: April 10th is the start date for independent contractors and self-employed.
Current status of various PPP programs among SBA banks and other financial institutions
|Bank's PPP URL||Wait List?||Accepting?||Non-customers?||Processing?||Comments|
|Radius Bank||Yes||Yes||Yes||Plus Live Chat on weekends! Wow!|
|Stearns Bank||Yes||???||???||Website silent regarding non-customers applying|
|Tennessee State Bank||Yes||???||???|
|Bank of America||Yes||No||Yes||Already past $50B in first 3 days.|
|U.S. Bank||Yes/Invite||Yes||Possibly||???||USB recommends starting with your bank first|
|Live Oak Bank||Yes/Invite||Yes||No||Yes|
|Wells Fargo||Yes||Yes||No||No||Only customers < 50 who registered before 4/6. Capping it at $10B|
|First Home Bank||Yes||No||Possibly||No||Was accepting but suspended due to heavy volume|
|United Community||Yes||No||???||No||Was accepting but suspended due to heavy volume|
|Umpqua Bank||Yes||No||No||No||Was accepting but suspended due to heavy volume|
|JPMorgan Chase||Yes||No||No||???||Was accpeting but since halted|
Last update: Have an update for regarding this list? Please share.
Recent modifications & recent news
|4/6/2020||1:54pm||JP Morgan||Halted accepting additional applications from existing customers|
|4/6/2020||1:17pm||Ready Capital||Confirms accepting current customers only.|
|4/6/2020||11:16am||TD Bank||Bank added to our watch list. May consider non-customers in the future if capacity available|
|4/6/2020||8:21am||Fifth Third||Accepting apps for customers now; non-customers in late April|
|4/6/2020||8:20am||Truist||Accepting applications from and loan and deposit customers|
|4/6/2020||12:27am||JP Morgan||PPP web page now under maintenance. Roll out may be pending.|
|4/6/2020||12:09am||Wells Fargo||Wells Fargo announced pledge to do $10B in PPP for non-profits & small business <50.|
Wait list? – Web visitor can sign up online to be notified once the bank’s enroll period is open. “Invite” means current customers and potentially wait listed customers may be invited to apply.
Accepting? – Bank is either accepting loan applications online or in person. This doesn’t necessarily mean the application will be immediately submitted to the SBA. Discuss with the lender.
Non-customer? – Accepting loan applications for non-customers.
Processing? – Currently submitting loan applications received through to the SBA.
Note: The information contained herein is anecdotal, does not represent official activation status of any of the banks listed here, and may be out of date or inaccurate as the fluid, dynamic situation evolves. None of these financial institutions have contacted SbaLenders.com declaring the status of their PPP loan program. We are just sharing information we have found online and web visitors have provided us. You should refer your questions regarding activation status, your ability to participate in a particular bank’s PPP lending program, and the likelihood of your loan application being approved to the financial institution where you would like to apply. We are not endorsing any of the companies listed here. We aren’t part of the SBA so questions regarding any official eligible and active SBA lender list for PPP loans should be directed to the SBA.