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The Paycheck Protection Program (PPP) has reopened to all lenders, and with this new wave of funding comes new eligibility requirements and further clarifications around the forgiveness process.
The bipartisan coronavirus legislation passed late last year included an additional $ 284 billion for PPP loans – aid intended to help small businesses keep their doors open and keep paying workers during the pandemic. This new round of loans is available to new applicants as well as companies that have already benefited from the program. The most recent legislation also relaxed loan forgiveness rules, which companies previously said were too burdensome.
Eligible companies have until March 31 to apply for the final round of loans. Banks and credit unions offer the loans, but you can also apply through non-bank lenders, including these institutions.
Non-Bank Lenders Accepting PPP Loan Applications
- BlueVine: This online business lender accepts applications from any small business interested in applying for a PPP loan for first or second drawing loans. Existing BlueVine customers will be contacted by BlueVine when their application for a PPP loan is ready.
- Centerstone SBA Loans: This non-bank, SBA-approved lender accepts applications of small businesses looking for PPP loans for both first and second drawing loans.
- Source: As a non-bank lender licensed to issue SBA 7 (a) loans, Fountainhead accepts applications from any small business for first and second draw loans.
- Harvest Small Business Financing: This non-bank, SBA-approved lender says it targets commercial real estate loans to “small business borrowers that have traditionally been ignored by large, regional and community banks.” It accepts applications for PPP loans for the first and second draw from any eligible company through its website
- Kabbage: Prior to the coronavirus crisis, this fintech company provided loans to small businesses and consumers through its lending platform. It then partnered with an SBA-authorized bank and became a direct SBA lender to process and disburse PPP loans to qualified small businesses during the PPP round. A Kabbage spokesperson said it will allow eligible customers seeking a second drawing loan apply via K.Servicing.com, a new entity created by American Express’s acquisition of Kabbage.
- Loan: This California-based community development financial institution (CDFI) has a online application process and PPP can file first and second drawing loans with the Small Business SBA in the following places: California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, New Jersey, New York, Pennsylvania, Texas and the District of Columbia.
- Liberty SBF: While their background is in providing commercial real estate loans, Liberty SBF is a licensed SBA lender and accepts it applications for both first and second PPP loans.
- Newtek: Newtek’s Small Business Finance Program processed PPP loans funded through initial rounds of PPP funds. The website is currently accepting applications for loans for the first and second draw.
- QuickBooks Capital: Owned by Intuit and known for its accounting software, QuickBooks Capital now accepts applications for second draw of financing loans.
- Ready Capital: This commercial lender is a recognized PPP loan provider. It has resumed accepting applications and works with Lendio to process and submit applications for first and second drawing funding to the SBA.
- Square capital: While Square is best known for its point of sale software, the company got SBA approval to accept applications for PPP loans. The website says they should soon be ready to accept applications for this latest round of funding, but only from existing Square customers.
- The loan source: One of a small group of non-bank lenders approved by the SBA in 1994, the website says register to be notified when their application portal is live.
- Biz2 Credit: The online lender is currently accepting applications for first and second drawing loans, which it will file directly with an SBA approved lender. To apply, an applicant must first have a Biz2Credit account.
- Brex: Although the company is best known for its business credit cards that does not require a personal guarantee, Brex has partnered with Womply, a loan agent who connects potential borrowers with SBA-approved lenders. Brex customers can get a application who uses Womply’s software to submit qualified PPP loan applications to the SBA.
- Community Reinvestment Fund, US: This community development financial institution, more commonly known as CRF, is a registered non-profit organization with an emphasis on supporting non-profit organizations and small business owners. You can Apply now for financing from the first or second round.
- Divvy: This company says it is partnering with Lendio, an online credit marketplace, and Cross River Bank to process and finance PPP loans. You can submit your interest in a first or second drawing loan here
- Fundera: You can use this online loan marketplace an application to access multiple PPP lenders. Fundera can then forward your application to the lender with the most bandwidth to process your application.
- Financing circle: This online marketplace, which connects investors with small businesses looking for loans, now accepts PPP applications for both first and second drawing loans. After submitting the online form, Funding Circle will connect you with an account manager to complete your application. If approved, one of Funding Circle’s partners will fund your loan.
- Kapitus: This provider of income-based financing to small businesses in the US accepts applications in partnership with Cross River Bank to process and finance PPP loans.
- Nav: Online credit marketplace Nav has partnered with multiple lenders, including an SBA loan generation software and service partner. It accepts applications withdraw for the first and second PPP funding through their partner SmartBizLoans.
- PayPal interests: Also approved by the SBA as a non-bank lender, PayPal accepts applications for PPP through its LoanBuilder.com site with WebBank as the lender.
- SmartBiz Loans: This is an online loan marketplace that submits your PPS loan application to one of their partner banks. It accepts a loan applications for first and second draw financing.
- Womply: Womply is a loan agent, which means that while it doesn’t lend money directly to PPP applicants, it can assist through the application process and put you in touch with an SBA-approved lender. You can get a application with Wombly for loans for the first or second draw.