Last Friday, the SBA began accepting PPP loan applications from SBA approved lenders. The PPP lending climate is very fluid and changing day by day as national banks, community banks, and fin-tech aggregators have all been scrambling to respond to the SBA’s guidance. Fivestars’ primary focus is to provide the latest information for small businesses to get access to the $350B in funds allocated to the Paycheck Protection Program.

Where can I apply for a PPP loan?

The SBA has recently published a list of all its approved lenders, so the first place to start is by:

• Checking the SBA approved lender list to see if the bank where you have a business checking account is an approved SBA lender:
  • https://www.sba.gov/paycheckprotection/find

Many of our customers have an existing relationship with one of the “Big 3” national banks (i.e., Bank of America, Chase, and Wells Fargo) so we’ve listed their latest guidance (as of 4/8/20 @8 PM ET).

We’ve also researched the top 275 SBA approved banks (by assets) and have latest their latest guidance (as of 4/8/20).

SBA Approved National Banks (Big 3):

Bank of America:

• Update time: 4/8/20 @10 AM ET
• Taking Applications – businesses need to log into their BoA online portal to apply
• Who can apply through Bank of America? 
  • Small business checking account and small business lending relationship, inclusive of credit card, open no later than February 15, 2020 OR
  • Small business checking account open no later than February 15, 2020 and do not have a business credit or borrowing relationship with another bank

Chase:

• Update Time: 4/8/20 @10 AM ET
• Taking applications
• Who can apply through Chase?
  • You have an existing Chase Business checking account that’s been active since February 15, 2020 AND
  • You haven’t already received a Paycheck Protection Program loan from Chase and you haven’t applied for one from another financial institution.

Wells Fargo:

• Update Time: 4/8/20 10 AM ET
• Already at application capacity: – Wells Fargo Press Release
• Who can apply through Wells Fargo? 
  • If you haven’t submitted an application through Wells Fargo yet, it may be too late. 
    • Wells Fargo is capping their PPP loan acceptance at $10B and they already have the application volume to fill this.
    • “The company has received forms from customers expressing interest in the PPP that it expects will fill the company’s capacity to lend under the program, as it continues to operate under existing asset cap limitations.” – Wells Fargo 4/5/20
  • Wells Fargo has focused on supporting customers in these 2 segments: 
    1. Small businesses with <50 employees
    2. Non-profits

Updating Live: SBA Approved (top 275 banks):

If you have a business banking relationship with an SBA approved lender, we encourage you to reach out today (we estimate this $350B in funding will not last long) to see if they are accepting PPP loan applications and to see if this forgivable loan is the right fit for your business.