PPP Loans: Lender List and Requirements

By Caroline Hwang, CEPF®

Exactly one week after the signing of the Coronavirus Aid, Relief and Economic Security (CARES) Act Act, the Payroll Protection Plan (PPP), a lifeline for small businesses, began providing emergency loans through participating banks. But according to government reports, it was primarily community banks that were accepting and approving applications on April 3, 2020. With the exception of the Bank of America, most major banks were not yet prepared to accept applications, since federal guidance had been released just the night before.

As a result of the short notice, many lenders who were taking applications were imposing restrictions such as requiring applicants to have an established bank account with them or have a bank account and an existing loan, business credit card or business line of credit. Given many business owners’ urgent need for financial relief, these setbacks were truly frustrating. Plus, the potentially forgivable loan program is first-come, first-served and capped at $349 billion, leading to long waits for customer service and answers to questions.

To help business owners cut through some of the confusion, SmartAsset is compiling the below list of PPP loan lenders and their application requirements. We will start with the most active banks in the Small Business Administration’s 7 (a) loan program and then add all other participating banks we can find. (The PPP is through the Small Business Admininstration’s 7(a) loan program’s infrastructure.) Please email us with any additional banks at info@smartasset.com. For hands-on help with your finances, consider hiring a financial advisor.

Headquartered in Utah, this large credit union is taking PPP loan applications from business account holders. You can start the application process only online. That said, the credit union says it takes only 15 minutes to become a business member.

Ameris Bank has branches in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia. It is accepting PPP loan applications only from current account holders at this time. To apply, contact your banker. For more information, this is their SBA relief website page.

Atlantic Capital Bank is accepting PPP loan applications from existing customers. If you haven’t already, you can begin the process by contacting your Atlantic Capital banker. If you already contacted your banker, you will receive an email with application instructions from ACB_Payroll_Protection@atlcapbank.com. (Emails began going out April 3, and continued over the weekend.) For more information, this is their PPP website page.

Bank of America is taking PPP loan applications from existing business clients. To qualify, you must have either 1) a small business lending and small business checking relationship with Bank of America as of February 15, 2020 or 2) a small business checking account opened no later than February 15, 2020 and no business credit or borrowing relationship with another bank. This major bank will only take applications online. You can start the process here. (You’ll have to sign into your small business account first.)

With two branches in Southern Nevada, the Bank of George (as in George Washington) is a community bank that lends to businesses in more than 30 states. It implies on its website that it will participate in the PPP, but does not provide instructions at this time. It does say that effective April 6, 2020, it will conduct in-person transactions by appointment only, though drive-through services are available at its Seven Hills office. For updates, here is the bank’s COVID-19 website page.

BankUnited is headquartered in Miami Lakes, Florida and serves the Tri-state area (New York, New Jersey and Connecticut) as well as Florida. The bank says on its website that it will prioritize PPP loan applications from existing business customers who are borrowers. Then it will process applications from existing business customers who have a deposit relationship. It will notify business clients once its online application process is running. You can find more information here.

BBVA USA is a subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria. Its headquarters are in Birmingham, Alabama, and it primarily serves Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. The bank was accepting PPP loan applications through its online portal, but has temporarily closed it. BBVA USA will reopen the portal once has finished processing the applications it has received, though it does not say whether it is restricting applicants to current customers. For updates, check here.

Cadence Bank is a regional bank with eight branches in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Its parent company, Cadence Bancorporation, is in Houston, while the bank’s headquarters are in Birmingham. Cadence Bank is currently limiting PPP loan applications to existing business clients. To apply, contact your relationship manager, who will provide access to the online loan application portal. You can find additional information, here.

This major bank expects to be able to accept online PPP loan applications soon. To apply, you must have a business banking relationship with Capital One as of February 15, 2020. It recommends checking their site for updates and for more information about the paperwork that will be required.

With roots in Los Angeles, Cathay Bank has 60 branches across the U.S., a branch in Hong Kong and three representative offices in China. It currently does not have information on its website about PPP loans. For updates, here is its COVID-19 page.

At this time, Citizens Bank is not ready to take PPP loan applications. When it is, it will accept only digital applications through a dedicated process that it is developing. Current business customers, with a loan or deposit relationship, will be given priority and should sign up here to be put on the email notification list. Non-customer potential applicants should check for updates here.

Comerica Bank is currently setting up its PPP application process. When it is up and running, Comerica will only accept online applications from current business customers who have a Comerica business checking account. For updates, here is the bank’s COVID-19 update page, where you can find details about the paperwork that will be required.

With headquarters in Southern California, East West Bank operates more than 125 locations worldwide, including in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. It is currently processing PPP loan applications and giving  existing business checking account customers priority. It may begin accepting applications from new small businesses and organizations once it has helped its current customers. Contact your East West Bank banker to apply. For more information and updates, check here.

With its emphasis on serving the communities in Lawrenceville, Duluth, Suwanee and Norcross, Georgia, Embassy National Bank is accepting PPP loan applications only from existing customers. You can find the application and instructions here.

Falcon National Bank has headquarters in St. Cloud, Minnesota, and branches in Foley, Ham Lake, Isanti and Richmond. It has information about the PPP on its website, but not about its specific application process. The bank says to contact it for more information.

Fifth Third Bank is currently processing PPP loan applications from current customers. To apply, you must have a Fifth Third online banking profile or be a user of Fifth Third Direct. You can start the process by logging onto to your online business account through 53.com or Fifth Third Direct. The bank says that it will open applications to non-customers later in April. For updates, check here.

At this time, First Horizon Bank is testing a small pilot application program. It says it will announce on its website when it is ready to start accepting online applications from its business customers. If you already signed up for information, you will receive an email with the application packet as soon as it’s available. If you want to receive this email, contact your First Horizon banker.

Five Star Bank is accepting online applications now. To qualify, you must have a Five Star Bank business checking account. If you don’t have an account, you can open one by setting up an appointment at one of its 50 branches across the country. The Warsaw, New York-based bank is requesting that customers not send or bring documents to their branch or business banking relationship manager unless requested. Here is its update page.

Frost Bank is a regional bank with headquarters in San Antonio, and branches throughout Texas. It is currently accepting PPP loan applications from existing customers who have a business checking account. To apply, you’ll need an online checking account. Once you log on, you’ll see where to upload your application and other required documents. If you are a business checking account customer who does not have online access, you’ll need to bring a completed application and required documentation to a Frost Bank motor bank near you. You can find the application and list of required documents here.

With headquarters in Laguna Hills, California, Harvest Small Business Finance is a non-bank lender that serves small business borrowers who have traditionally been ignored by large, regional, and community banks. It is currently not accepting PPP loan applications. Check here for updates.

Community bank HomeTrust Bank was taking PPP loan applications from existing customers but has temporarily stopped. The Asheville, North Carolina-headquartered bank will update its website when it is accepting online applications again.

This community bank has 15 locations in Wisconsin and Michigan’s Upper Peninsula. It is currently processing the PPP loan applications of its existing customers and is not accepting new applications. In the event that it starts accepting new applications, Incredible Bank recommends filling out the “Get Started” form here, and it will contact you when it has new information.

Independent Bank is headquartered in Grand Rapids, Michigan, with 82 branches in rural and suburban Michigan. It is currently restricting PPP loan applications to current customers. For updates, check here.

The major bank is now taking PPP loan applications. To be eligible, you must be an existing Chase business checking account that’s been active since February 15, 2020.You’ll need to sign into your account to apply. For more information, go here (though the link to continue is not working).  JPMorgan Chase says it is prioritizing applications in order of inquiry submissions.

As a top-10 SBA lender, KeyBank serves a large swath of the country: 25 states plus Washington DC. It says on its website that it is working on improving its PPP loan application process, but it is accepting applications. It also does not mention requiring applicants to be existing customers. If you’ve already applied, the Cleveland-based bank says it will contact you with next steps. If you haven’t applied yet but are a customer, the bank says to reach out to your KeyBank relationship manager. If you are new to the bank, you can call the customer service line (888) 539-2200. Be forewarned, though, that the wait times are long.

Live Oak Bank was taking PPP applications from existing loan customers but is no longer accepting new applications. If you are an existing customer, the nationwide bank says to contact your business analyst for more information. If you are not an existing customer, you can sign up for notifications here.

Based in Doraville, Georgia, Metro City Bank is currently accepting PPP loan applications. It is not restricting applicants to existing customers. That said, the Korean-American bank with branches in Georgia, Alabama, Virginia, New Jersey, New York and Texas, cautions on its website that it may not be able to process and fund all applications. To apply, you’ll find the application and directions here. Once you have your documents ready, you’ll email them to MCBPPPLoan@metrocitybank.bank.

One of the largest SBA lenders in Missouri, Midwest Regional Bank also has offices in Arizona, Colorado, Florida and Texas. Its website is not updated, though, with specifics on how to apply for a PPP loan with them. Instead, its customer representative said to call or email the SBA loan officer or bank officer at your local branch.

With two branches in New York and three in New Jersey, NewBank has won the Pinnacle award from the SBA for six consecutive years. Still, the Korean-American community bank does not have information on its website about whether it is participating in PPP. If you’d like to call the bank to ask, the number is (718) 353.8100. Alternately, you can send a message through its website.

Newtek is currently taking applications. To begin the process, you’ll have to sign up here. You’ll be notified via email when a specialist is assigned to you and how to contact them. You’ll also be given directions about certain forms and documents. The business solutions company urges applicants to be patient.

With headquarters in Warren, Pennsylvania, Northwest Bank operates branches in central and western Pennsylvania, western New York and eastern Ohio. It is accepting PPP loan applications, but appears to be giving precedence to current business customers. To apply for a PPP loan, the banks says to contact your business banker or relationship manager. But it says that non-Northwest Bank customers can contact the bank at 877-672-5678. For updates, check here.

Open Bank is a Korean-American bank that primarily operates in California with a branch also in Carrollton, Texas. Its headquarters are in Los Angeles . Though the bank specializes in SBA 7(a) loans, it does not currently have information on its website about PPP loans. To make an inquiry, contact one of the bank executives here.

Pacific City Bank is community bank with headquarters in Los Angeles, California. It focuses on the Korean-American community. Though it has an SBA lending program, its website does not provide any information about whether it is participating in PPP. If you’d like to call the SBA department, the phone number is (213) 210-2070.

Pinnacle Bank started in Nebraska and now serves a total seven states with 151 locations. On its website, it says it is accepting applications for PPP loans. To apply, you’ll need to call your Pinnacle financial advisor – or nearest branch if you don’t have one. The bank does not say if it’s restricting applications.

Headquartered in Santa Rosa, California, Poppy Bank has branches throughout the Golden State. Though it is an SBA 7(a) lender, it does not provide any information about PPP loans on its site. If you’d like to make an inquiry, the customer service line is (888) 636-9994. Or you can email or call a loan officer found here.

With its parent company based in Pittsburgh, PNC Bank operates in 19 states and the District of Columbia with 2,459 branches. It is currently taking PPP loan applications from current business banking clients. To apply, you must have an online account. You can enroll here. If you are a client with more than $5 million in revenue, though, the bank says to fill out a contact form, so a PNC representative will contact you.

Headquartered in Suwanee, Georgia, Quantum National Bank is a community bank with two branches in Milton and Atlanta. It has the Preferred SBA Lender designation, and its website provides a chart on how to decide whether to apply for a PPP loan or an Economic Injury Disaster Loan (EIDL). But the bank does not at this time provide details about its PPP loan application process or whether it is restricting applicants to current business customers. It does appear to be accepting applications, though. The phone number for general inquiries is (800-533-6922). For updates, check here.

With headquarters in Birmingham, Alabama, Regions Bank serves the South, Midwest and Texas. The bank is accepting PPP loan applications only from customers who established a banking relationship on or prior to March 1, 2020. To apply, you’ll need online banking credentials. If you are an existing Regions customer but don’t have an online account, you can enroll here. If you have an online account already, you can apply here. To see if Regions opens applications to non-customers, you can look for it updates here.

Philadelphia-based Republic Bank is accepting PPP loan applications from current customers and business owners in neighboring counties of Pennsylvania, New Jersey and New York. You can find the application and directions here. If you have any questions, you can the lending team at 888.875.2265 or email them at SBALoans@myrepublicbank.com. Completed applications and required documents should also be emailed to SBALoans@myrepublicbank.com.

With branches in Minnesota, Florida, and Arizona, Stearns Bank is headquartered in St. Cloud, Minnesota. It is currently accepting PPP loan applications, and does not appear to be restricting applicants to existing customers. To apply, go to its application portal, where you’ll have to upload your completed application and other documentation. For more information, go here.

Based in Columbus, Georgia, Synovus Bank operates 300 locations across the Southeast. It is accepting digital applications only from existing business customers with a business checking account. If you are an existing customer who does not have a business checking account, you should contact your Synovus banker or local branch. To start the application process, you’ll need to provide information here. You’ll then receive an email with further directions. For updates, check here.

At this time, TD Bank, with branches in the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida, is accepting PPP loan applications only from business customers. To qualify, you must have a deposit account at TD Bank, a subsidiary of the Canadian multinational Toronto-Dominion Bank. You can find the application and instructions here.

Umpqua Bank has headquarters in Roseburg, Oregon, with additional locations in Idaho, Washington, Oregon, California and Nevada. Due to high demand, the bank has temporarily suspending the acceptance of new applications. It is processing applications in the order they were received and will contact existing applicants with next steps. If you are a current Umpqua Bank and want to apply for a PPP loan, fill out the form here, and the bank will contact you when it is ready to accept new applications. That said, if you are a non-Umpqua Bank customer, it looks like you can fill out the form, too – you will just not be contacted right away.

A Southeast regional bank, United Community Bank operates branches in Georgia, South Carolina, North Carolina and Tennessee. It has temporarily suspended acceptance of PPP loan applications. On its website, the bank says that it hopes to reopen the application portal soon, though it does not say whether it will have any restrictions regarding applicants. Check for updates here.

Based in Columbus, Ohio, United Midwest Savings Bank is the 13th largest SBA lender in the country, based on number of loans. It is currently accepting PPP loan applications only from existing customers, and does not provide any information about its application process on its site. If you wish to contact the bank, the phone number for the largeSBA loan division (for loans bigger than $150,000) is (844) 245-3033 and the number for the small SBA loan division is (844) 211-7897.

The fifth largest bank in the country, U.S. Bank has begun its PPP loan application process and is not requiring applicants to be existing customers. That said, it encourages non-U.S. Bank customers to start with their own banks. At this time, the Minneapolis-based bank is emailing invitations to apply to business owners who have submitted an inquiry form. It will first contact single-owner businesses: sole proprietorships, S-Corps and LLCs. It will later expand to other types of eligible businesses, independent contractors, multi-owner business and non-profits. You can fill out an inquiry form here. For updates, check here.

With headquarters in Garden Grove, California, US Metro Bank primarily operates in Southern California. It has branches in Anaheim, Los Angeles and Buena Park. Its website provides general information about PPP loans, but not about its particular application process. Instead, it says to call Ty Park, SBA manager, at (714) 823-4263.

VelocitySBA is one of 14 licensed small business lending companies in the country. Though the California company’s focus is on lending to small businesses, it is not accepting PPP loan applications yet. According to its website, it is waiting for guidance from the Small Business Administration (SBA). Check here for updates.

Headquartered in Wallis, Texas, Wallis Bank serves California, Georgia and Texas. The community bank is accepting PPP loan applications from Texas, Southern California and Atlanta metro areas. You can find the application and document requirements on its website, where you can also find the email address to send applications and any questions to. From the application documents, it appears that the bank is not requiring applicants to be existing customers. That said, the bank does mention the high demand for loans.

Wells Fargo, a major SBA 7(a) lender, announced on April 5, 2020 that is aiming to distribute a total of $10 billion in PPP funds to small business customers who are nonprofits or small businesses with fewer than 50 employees. It is reviewing loan requests it received online through April 5, and is currently no longer taking applications. If that changes, they will make the announcement on their PPP website page.

West Town Bank & Trust is a community bank with branches in Cicero and North Riverside, Illinois. According to its website, it is accepting PPP loan applications only from existing customers at this time. To begin the application process, have your account number ready when contacting your local West Town Bank representative. Check here for any updates.

Founded by Brigham Young, Zions Bank serves Utah, Idaho and eight other Western and Southwestern states. It says on its website that it will begin accepting PPP loan applications online no later than the afternoon of April 7, 2020. Initially, only current business customers who have a deposit account (names of applicant and business account holder must match) can apply. But its checklist for applicants includes sections for new customers, who will need to open a business account. For updates, go here.

• If you’re worried about your small business during the COVID-19 crisis, a financial advisor can help. Finding the right financial advisor who fits the needs of your business doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
• Even as you explore PPP loans from banks, make sure you also explore options from companies providing coronavirus relief to businesses.

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