Editor’s note: on July 1st, a bill was passed extending PPP applications to August 8th. We recommend applying as soon as possible. If you need 2019 bookkeeping completed for your application, Bench can help.
The Paycheck Protection Program has been inundated with demand from small businesses across the country.
Just before the PPP was scheduled to end on June 30, the US government passed a last-minute bill to extend the program deadline to August 8, 2020.
Lenders are now starting to re-open their application portals.
Here are the lenders that are open and accepting PPP applications. We recommend applying to more than one of these lenders on this list to maximize your chances.
Last Updated | Tuesday, August 5th 9:30AM PST
Accepting PPP applications
*Note: These lenders are listed as a reference and do not necessarily mean an endorsement by Bench.
- Cross River Bank
- Radius Bank
- Zions Bank (until August 7)
- Funding Circle
- Quickbooks Capital
- Fulton Bank
- Independent Bank
- Seattle Bank
- Sunrise Bank
- SBA Lender Match Tool
Most of the largest banks implemented online portals to accept applications. However, small business owners have experienced significant issues with applying, as the banks are not accepting applications from those who do not have an existing business account with them.
Community banks were the first ones to begin processing PPP loan applications. Find a list of approved community banks near you using the SBA Lender tool.
Lender matchers are companies that specialize in matching small businesses with a suitable bank partner from their pool of lenders. There is no fee to apply through their service. The lender matcher will receive a small commission from the lender, which is paid out of the origination bonus the SBA provides to the bank.
Fintech lenders are financial service providers that have established partnerships with non-traditional banks to provide PPP lending services. For the very first time, the SBA and the Treasury have allowed non-traditional banks to participate in lending.
What documents do I need for my application?
You will need documentation to prove your payroll amount (or net income, if you are self-employed). If you have a payroll provider, you should be able to download a payroll report that summarizes most of the information you’ll need. If you’re a sole proprietor, you will need to provide a completed Schedule C for 2019. If you are applying with a lender you do not have an existing banking relationship with, you’ll also be asked to provide documentation to prove your identity and your business’ existence. Requirements will differ from lender to lender.
Further reading: Documents Required to Apply for the Paycheck Protection Program
What if I don’t have the necessary documents?
If you’re missing essential tax forms, it should be a priority to get them filed now, especially with the tax deadline that passed on July 15. We suggest also looking into the EIDL program, a low-interest working capital loan offered by the Small Business Administration to all small businesses that have been impacted by COVID-19. Applications for the EIDL are being accepted online, and we have a guide to walk you through the process.
Do I need to have an account with a lender? Do I need to have a business account?
Most big banks are only allowing current customers to apply with them. However, community banks and fintech lenders are processing applications from new customers.
Self-employed individuals are not required to have a business bank account, but requirements may vary by lender and how your business happens to be structured. Otherwise, yes—your business should have a business bank account where your PPP funds will be deposited into.
Can I apply to more than one place at a time?
Yes, but be sure to cancel your pending application(s) once you are approved for one, as you can only hold one PPP loan per business.
Further reading: Can I Apply for the PPP Twice?