Chris has been writing about small business topics since 2003. He has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida. He currently resides in the Hudson Valley region of New York.
WRITTEN & RESEARCHED BY Chris Motola Chris has been writing about small business topics since 2003. He has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida. He currently resides in the Hudson Valley region of New York. Expert Contributor
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The SBA stopped funding all PPP loans in May 2021. Existing borrowers may still be able to apply for loan forgiveness using the SBA's PPP direct forgiveness portal.
With Round 2 of the Paycheck Protection Program (PPP) ready to kick-off the second week of January for community-based lenders, businesses may be wondering where they should go to apply for a first or second draw PPP loan. 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. Many lenders struggled to keep up with applications and unclear guidance and took a hit in their public reputations as a result. Additionally, most banks are expected to prioritize existing customers who apply over non-customers. Banks were, overwhelmingly, the biggest PPP lenders in 2020, accounting for 4,409,646 loans.
Wondering which banks are accepting PPP applications? Below, we’ll look at some of the bigger lenders we know are participating in PPP Round 2, as well as ways you can find a PPP lender if you aren’t a customer of one of these banks. Note that while the second round of PPP is already partially open for community lenders, the start date for national lenders isn’t yet known.
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