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the Paycheque Protection Program (PPP) has reopened to all lenders, and this new wave of funding comes with new eligibility requirements and additional clarifications regarding the forgiveness process.
The bipartisan coronavirus relief legislation approved late last year included an additional $ 284 billion for PPP loans – aid designed to help small businesses keep their doors open and continue paying employees during the downturn. pandemic. This new round of loans is available for new applicants, as well as for companies that have already benefited from the program. The most recent legislation also relaxed loan cancellation rules, which companies had previously deemed too onerous.
Eligible businesses have until March 31 to apply for the final round of loans. Banks and credit unions offer loans, but you can also apply for them from non-bank lender, including these institutions.
Non-bank lenders accepting PPP loan applications
- BlueVine: This online business lender will accept applications any small business interested in applying for a PPP loan for first or second draw loans. Existing BlueVine customers will be contacted by BlueVine when their PPP loan application is ready.
- SBA Centerstone Loans: This SBA approved non-bank lender accepts applications small businesses looking for PPP loans for first and second draw loans.
- Source: As a non-bank lender authorized to make SBA 7 (a) loans, Fountainhead accepts applications from any small business for first and second draw loans.
- Harvest Small Business Finance: The SBA-approved, non-bank lender says it focuses on commercial real estate loans to “small business borrowers who have traditionally been overlooked by large regional and community banks.” It accepts applications for first and second PPP loans from any eligible business through its website.
- Kabbage: Before the coronavirus crisis, this financial technology company provided loans to small businesses and consumers through its lending platform. He then partnered with an SBA licensed bank and became a direct SBA lender to process and disburse PPP loans to qualified small businesses during the PPP cycle. A Kabbage spokesperson said he allows eligible clients looking for a second loan to be drawn. apply via K.Servicing.com, a new entity created by the acquisition of Kabbage by American Express.
- Lender: This California-based community development financial institution (CDFI) has a online application process and can submit first and second draw PPP loans to the SBA from small businesses in the following locations: California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, New Jersey, New York, Pennsylvania, Texas and the District from Columbia.
- Liberty SBF: Although their experience is in providing commercial real estate loans, Liberty SBF is an SBA Approved Lender and accepts applications for the PPP loans of the first and second drawdown.
- Newtek: Newtek’s Small Business Finance Program processed PPP loans that received funding in the first cycles of PPP funds. Its website currently accepts applications for first and second draw loans.
- QuickBooks Capital: Owned by Intuit and known for its accounting software, QuickBooks Capital now accepts applications for second-draw financing loans
- Capital loan: This commercial lender is an approved provider of PPP loans. He started to accept again applications and partnered with Lendio to process and submit First and Second Draw funding requests to the SBA.
- Square capital: Although Square is best known for its point of sale software, the company has received SBA approval to accept applications for PPP loans. Its website says they should be ready to accept applications for this latest round of funding soon, but only from existing Square customers.
- The source of the loan: As one of a small group of non-bank lenders who were approved by the SBA in 1994, their website says you can register to be notified when their application portal is online.
- Biz2Credit: The online lender is currently accepting applications for first and second draw loans, which it will submit directly to an SBA approved lender. To apply, a candidate must first have a Biz2Credit account.
- Brex: Although the company is best known for its business credit cards that don’t require personal collateral, Brex has teamed up with Womply, a loan officer who matches potential borrowers with SBA-approved lenders. Brex clients can complete a application who uses Womply’s software to submit qualified PPP loan applications to the SBA.
- Community Reinvestment Fund, United States: More commonly known as CRF, this community development financial institution is a registered nonprofit organization that focuses on supporting nonprofits and small business owners. You can apply now for the financing of the first or second round.
- Divvy: This company says it works with both Lendio, an online lending marketplace, and Cross River Bank to process and fund PPP loans. You can submit your interest for a first or second drawing loan here.
- Fundera: This online lending marketplace allows you to use an application to have access to several PPP lenders. Fundera can then direct your request to the lender with the most bandwidth to process your request.
- Fundraising circle: This online marketplace, which connects investors and small businesses looking for loans, now accepts PPPs applications for first and second draw loans. Once you submit the online form, Funding Circle will connect you with an account manager to complete your request. If approved, one of Funding Circle’s partners will fund your loan.
- Kapitus: This revenue-based finance provider for small businesses across the United States accepts applications in partnership with Cross River Bank to process and finance PPP loans.
- Nav: Nav Online Loan Marketplace has partnered with several lenders including SBA loan creation software and a service partner. It is to accept applications for the first and second draws of PPP funding via their partner SmartBizLoans.
- PayPal funds: Also approved by the SBA as a non-bank lender, PayPal accepts applications for PPP via its LoanBuilder.com site with WebBank as the lender.
- SmartBizLoans: This is an online lending marketplace that will submit your PPP loan application to one of their partner banks. He accepts the loan applications for the financing of the first and second draw.
- Womply: Womply is a loan officer, which means that while he does not lend funds directly to PPP applicants, he can help you with the application process and connect you with an SBA approved lender. You can start a application with Wombly for first or second draw loans.