In our opinion, the fastest way to get a PPP loan is to apply through your current bank. Although there is some evidence that smaller, regional banks may process your application faster, a bank who already knows you and your business will likely need you to jump through fewer hoops.
1. Lendio. Lendio is an online lending marketplace with a network of more than 300 SBA-approved financial institutions and online lenders to help small businesses secure financing. Lendio facilitated $8 billion in PPP loans in 2020 through CARES Act funding, and now they are ready for round two.
Nonbank lenders are a good option if you're a sole proprietor or independent contractor that qualifies for PPP, or if you're a first-time applicant hoping to speed up the process.
It is accepting PPP loan applications only from customers who have had a business checking account since February 15, 2020 or earlier. Applications are only online. For more information, go here.
1) Fundera
Fundera is currently our top ranked option to apply for Payroll Protection online. They offer a user-friendly experience to apply for PPP loans online.
For many businesses, the most natural place to apply will be their bank. Indeed, most banks that process SBA loans will be processing Round 2 PPP loans. You may have heard, however, that some lenders who participated in the PPP program in 2020 are declining to do so in 2021.
The Lender number would be located on your copy of the loan documents signed. If you received an EIDL, however, you would have received an application number via e-mail. The Bank does not have access to this as the program was administered directly through the SBA.
PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any second draw. If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for up to 3.5x monthly payroll costs for a second draw. All second draws are limited to $2M.
Capital Plus Financial is a certified community development financial institution (CDFI) dedicated to enhancing the quality of life of the families their mission supports by providing the opportunity for homeownership through residential mortgage loans and other educational services.
Wells Fargo is not participating in this program. The only way to apply for forgiveness for a PPP loan from Wells Fargo is through Wells Fargo's online forgiveness application, outlined above.
WASHINGTON – The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
The Dave Spending Account is only available to individuals for personal, family or household purposes and may not be opened by a business in any form, used for business purposes, and may not accept any Paycheck Protection Program (“PPP”) loan funds.
Unfortunately We Are No Longer Accepting Applications. We are currently unable to accept new applications for PPP loans, due to high volumes, limited SBA funds, and the program's upcoming 5/31 expiration.
If your business is ineligible for a PPP loan but you apply through an SBA-accredited lender anyway, expect the lender to deny your application once they review it.
Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.
Since congress approved a new funding bill for the PPP program in late December 2020, and now the application deadline has been extended to May 31, 2021, there is sure to be a crush of fence-sitters finally deciding that it's time to get their applications in for a PPP loan.
The SBA has warned that depositing federal loan funds into a personal bank account is considered to be a strong indicator for fraud, and it has urged banks to scrutinize PPP loan recipients who deposited their loans into personal accounts.
PPP Credit Checks
There does not appear to be any credit check required for PPP loans. That's somewhat surprising because these loans technically fall under the SBA 7(a) loan program, which typically does require acceptable credit.
Can I deposit my PPP/SBA loan into my individual or joint Checking account? We currently only offer personal and joint checking accounts. As such, we are not able to accept PPP loans for your business into your personal or joint checking accounts.
Just days after the program launched last month, the company announced it would no longer accept applications, in part because the Federal Reserve had capped how many loans it could make as punishment for past banking practices.