This article was last updated April 7, 2020
Many small businesses across the country are attempting to get access to the nearly $350 billion forgivable loans through the Paycheck Protection Program (PPP) to weather through the downturn caused by the coronavirus pandemic.
The PPP, which was supposed to go into full effect on April 3, has seen hesitancy among lenders that say they need more guidance from the Small Business Administration (SBA) and the U.S. Treasury Department before processing the loans.
While thousands of banks across the country are eligible to originate the loans, small and mid-size businesses impacted by the COVID-19 pandemic are struggling to find open online portals and applications at those banks. Many of the lenders are requiring a prior customer relationship among the would-be borrowers, if they’re accepting applications at all.
We’re not able to track the application status among all the banks in the country. So we reviewed the websites of the top 100 SBA 7(a) lenders in the country to see whether, and how, they were accepting applications.
What is the Paycheck Protection Program? Learn more here.
The PPP is still nascent and the situation is fluid. This list was compiled as of April 7, 2020. We will attempt to update it as we learn more. Small businesses interested in Paycheck Protection Program funds are encouraged to contact their local bank or lending institution, even if they’re not listed here. Additionally, small businesses should look into financial relief programs at the state, county and city level.
