Robin Saks Frankel – Forbes Councilor
the Paycheque Protection Program (PPP) has reopened to all lenders, and this new wave of funding comes with new eligibility conditions and additional clarifications regarding the remittance 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 lenders, 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 a bank approved by the ASB to process and disburse PPP loans to qualified small businesses via its KServicing platform. A Kabbage spokesperson said it would soon accept applications from eligible clients looking for a second draw loan through its new site, KServicing.com.
- 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.
- 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.
- 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.