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PPP Lenders Accepting Applications in 2021

Editor’s note: The PPP application deadline has been extended to May 31, 2021. Our list will be updated as lenders begin to reopen their applications in the coming days.

The second stimulus bill provided a top up of funding to the popular Paycheck Protection Program. We’ve checked with every fintech and bank to compile a list of PPP lenders accepting applications right now.

Lenders accepting PPP loan applications

Last Updated | March 26, 11:00 AM PST

Note: These lenders are listed as a reference and do not necessarily mean an endorsement by Bench.

  • BlueVine
  • Capital One: Applications for new loans and loan increases have been extended to May 31.
  • Centerstone
  • Chase: Applications for new loans and loan increases have been extended to May 31.
  • Citi Bank: Applications for both first and second draw loans are still being taken by current Citi Bank clients.
  • Cross River Bank
  • Divvy: Applications will be serviced by Lendio.
  • Fountainhead
  • Fundera
  • Funding Circle
  • IncredibleBank: You must be an IncredibleBank client to apply. For second draw loans, you will be emailed with application instructions. For first draw loans, you must email them with a request to start your application.
  • Independent Bank
  • Itasca Bank: You will have to apply by email and must be a client of Itasca Bank to apply
  • Lendio
  • Lendistry
  • PayPal
  • Quickbooks Capital
  • Radius Bank: Only accepting second draw loans from businesses that received a first draw loan through Radius Bank.
  • Seattle Bank: Only accepting applications from Washington state businesses. Second draw loans are only being offered to businesses who received a first draw loan from Seattle Bank.
  • Square: Only businesses with a Square account will be able to apply through Square Capital.
  • Sunrise Bank: Starting March 20, 2021, Sunrise Banks will only be accepting PPP applications from current banking customers.
  • Veem
  • Wells Fargo: Applications will re-open in early April.
  • West Gate Bank
  • Zions Bank: You must be a Zions Bank client to apply.

What to prepare for your PPP loan application

First draw PPP loans

If you’re looking to apply for your first PPP loan, start by collecting the documents you need to apply.

Every business needs to provide a bank statement or invoice covering February 15, 2020 to show they were in operation on that date.

Sole proprietors and contractors need to supply a Schedule C for 2019 or 2020 and any 1099-MISC forms they have. If a sole proprietorship has payroll costs included in their PPP loan calculation, they need to provide 2019 or 2020 IRS forms 941, 944, or 940 or reports from a payroll provider.

Partnerships need to supply a Form 1065 with each partner’s Schedule K-1. For any payroll costs, they need to provide 2019 or 2020 IRS forms 941, 944, or 940 or reports from a payroll provider.

S corporations and C corporations only need to supply documentation for their payroll costs. This is done with 2019 or 2020 IRS forms 941, 944, or 940 or reports from a payroll provider.

Further reading: How to Apply for Your First PPP Loan in 2021

Second draw PPP loans

If you’re looking to apply for your second PPP loan, you need to show a 25% reduction in revenue. This is shown by comparing any quarter in 2020 with the same quarter in 2019. For example, if you recorded $20,000 in gross receipts in Q2 2019, you would be eligible if you recorded $15,000 or less in gross receipts in Q2 2020. Check out our complete guide on how to calculate a 25% reduction in revenue.

Once you’ve verified you’re eligible, start collecting the necessary documents to apply.

Every business needs to provide a bank statement or invoice covering February 15, 2020 to show they were in operation on that date. For loan amounts of $150,000 or less, documents supporting your 25% reduction in revenue do not need to be provided during your loan application. Instead, you must provide bank statements and financial reports (which Bench can provide) for the quarters used in your 25% reduction calculation before applying for forgiveness.

Sole proprietors and contractors need to supply a Schedule C for 2019 or 2020 and any 1099-MISC forms they have. If a sole proprietorship has payroll costs included in their PPP loan calculation, they need to provide IRS forms 941, 944, or 940 or reports from a payroll provider.

Partnerships need to supply a Form 1065 with each partner’s Schedule K-1. For any payroll costs, they need to provide IRS forms 941, 944, or 940 or reports from a payroll provider.

S corporations and C corporations only need to supply documentation for their payroll costs. This is done with IRS forms 941, 944, or 940 or reports from a payroll provider.

Further reading: How to Apply for Your Second PPP Loan

How Bench can help

A dedicated bookkeeper and powerful reporting software provides you with the financial reports and insight you need to calculate your PPP loan amount. These financial reports can also be used in showing a 25% reduction in revenue when you’re looking to apply for your second draw PPP loan.

Once you have your PPP loan, our team of experts will stay on top of your forgivable expenses, accurately record everything on your income statement and balance sheet, and provide you with helpful webinars and resources to answer any of your questions. Learn more about how Bench can help.

If I apply today, when will I get a verdict?

Lenders process PPP loan applications before sending them to the SBA for final approval. Because of this, the time between applying and getting a response can be unpredictable.

If my lender isn’t currently accepting applications, when will they be open?

This is unfortunately unclear. Some lenders are still waiting on additional information and some are still updating their process for the new application forms.

If you’re looking to apply for a second draw PPP loan, keep checking your email inbox for updates on when and how to apply.

More COVID-19 resources


This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.

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