With the coronavirus pandemic infesting the world and stay-at-home lockdown regulations at play in the U.S., around 30 million small businesses and start-ups have run out of revenue and have dried up.
With the lack of monetary funding, small business owners have laid off a large number of employees and are still considering selling their businesses out. Luckily, the Small Business Administration (SBA) is aiding these organizations with forgivable loans to cover the payroll and stay afloat amidst this crisis.
The Paycheck Protection Program (PPP) loan is classified as a 7(a) loan under the SBA and is part of the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES). Out of this $2 trillion, $349 billion is solely assigned for PPP loans. With more funding being approved by Congress, this loan is much simpler and requires far less paperwork. There are quite a few restrictions and the procedure to apply for a loan has gotten much quicker.
One of the best features about these loans is that they are forgivable if the borrower maintains a consistent headcount for his/her employees just as it were before the pandemic. There are plenty of loans available with fewer regulations, and there are certain qualifying factors that can allow you to get your desired loan.
List of Paycheck Protection Program Loan Lender
1. Bank of America
The Bank of America is offering loans to small businesses only if the business hasa business lending or business checking relationship with the Bank of America since before February 15, 2020, or if your small business checking account opened after February 15, 2020, and your business does not have an outstanding credit or any other borrowing relationship with other banks.
2. Capital One
According to the website of Capital One, they are still finalizing their quota and are not ready for the applications yet. Once they are done fixing their regulations, small businesses will only be eligible if they have a business or banking relationship with Capital One from before the date of February 15, 2020.
The JP Morgan Chase Bank, is accepting a large number of applications only for those small businesses who have had business or banking relationships with the bank and have a Chase Business checking account that has been active since February 15, 2020.
4. Ameris Bank
Ameris Bank is a regional bank, which has its services in Alabama, Georgia, and South Carolina and mortgage only in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, and Virginia. They have not specified their eligibility criteria but if you are a customer of this bank, you can contact them for more details.
5. Blue Ridge Bank
The Blue Ridge Bank is currently accepting applications, and only Blue Ridge Bank EZ Business Accounts are eligible for the loan criteria. One can open an account today and apply for a loan but the bank openly claims to give existing clients top priority.
Fountainhead is one a non-bank lender that is licensed to give out SBA approved loans. According to the company, they are accepting applications from any small businesses and not just existing customers. Anyone can make a loan request on their online website.
These are a large number of PPP lenders, and many of them have lenient eligibility criteria. There are also many online PPP calculators that can help you determine the exact amount of loan you would require and would be eligible for.