Search

COVID-19 CARES Act: Summary of PPP Lenders

Note: This article was originally published April 6, 2020 and has since been updated and we urge our clients to also be vigilant and persistent with your banking lenders as we will not and cannot provide loan process status information once an application has been submitted. In addition, our office is enforcing all staff members to use and acquire client business owner's email and contact information for which the banks will directly provide notification of PPP loans.

The Small Business Administration’s (“SBA“) Paycheck Protection Program (“PPP“) launched on Friday, April 3, 2020. Since the program launched on Friday, many U.S. banks are processing applications for 7(a) loans under the PPP only for existing clients. Some banks have already stopped taking PPP Loan Applications. Others are not ready to accept applications. Below is a summary of the current status of the PPP Loan applications for some of the largest financial institutions authorized by the SBA to issue 7(a) Loans. This list is not exhaustive. Information changes hourly; please follow the links below for updates from specific lenders.

CHASE Bank Chase Bank is currently taking applications from existing Chase Business customers. Updates will be posted here. What you need to know before applying for a PPP Loan with Chase

  • Borrowers must have an existing Chase Business checking account that’s been active since February 15, 2020.

  • The person applying must be authorized to borrow on behalf of the business.

  • The borrower cannot apply if the business already received a PPP Loan from Chase or applied for a PPP Loan from another financial institution.

  • The minimum PPP Loan amount is $1,000, and the maximum amount is determined based primarily on the borrower’s payroll-related costs, but cannot exceed $10 million.

  • This amount may be reduced based on loans to a borrower’s affiliated companies.


  • Borrowers should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL).

  • Borrowers may request forgiveness of some or all of the principal balance of the loan.

  • Forgiveness is only available if borrowers use the funds for certain purposes as permitted by the SBA.

  • To request forgiveness, borrowers must provide documentation, and must certify, that the loan funds were used for SBA-qualifying purposes.

  • The borrower will be responsible for paying back any amounts not forgiven.


Wells Fargo Updates will be posted here. Wells Fargo is no longer taking PPP Loan applications. The bank states that it has received PPP Loan applications from customers, and it is expected that those applications will fill Wells Fargo’s capacity to lend under the program. Wells Fargo will review all applications submitted by customers via their online form through April 5 and provide updates in the coming days. Bank of America Bank of America is currently taking applications from existing Bank of America Business customers. Apply here. What you need to know before applying for a PPP Loan with Bank of America

  • Borrowers must be Small Business clients with either:

  • a Small Business lending and Small Business checking relationship with Bank of America as of February 15, 2020; OR

  • a Small Business checking account opened no later than February 15, 2020 and no business credit or borrowing relationship with another bank.


  • A client’s pre-existing lending relationship with Bank of America may include small business, commercial or corporate credit cards, conventional business loan or lease, business lines of credit, business auto loans, practice solutions loans, trade and asset-based loans.

  • All PPP Loan applications, information and correspondence will occur online and through email, including the application process, submission of required documents, and follow up correspondence.

  • Borrowers must have a Business Online Banking account. If you are an existing client and do not currently have an online account, you must enroll in Business Online Banking as soon as possible.

  • After submitting a PPP Loan application with Bank of America, the Bank will contact you with next steps and to collect any required documents. Do not proactively deliver or send documents to Bank of America Financial Centers or banking teams.



Capital One Capital One is currently testing its systems with a small number of PPP Loan applications. Updates will be posted here. What you need to know before applying for a PPP Loan with Capital One

  • Borrowers must have a business banking relationship with Capital One as of February 15, 2020.

  • Capital One recommends that borrowers begin compiling the following information:

  • Date of business origination and business address

  • Business Employer Identification Number (EIN)

  • Payroll information detailing monthly costs for employees over the last 12 months, unless a borrower is a seasonal employer.


US Bank

Updates will be posted here. US Bank is currently emailing invitations to apply to those who have completed the inquiry form, beginning with single-owner businesses (sole proprietorships, S-Corps, LLCs, and non-profits). The Bank expects to expand to all types of eligible businesses, independent contractors, multi-owner business and non-profits in the coming days. US Bank will accept submissions from non-U.S. Bank customers. However, borrowers are encouraged to start with a bank where they already do business. US Bank will not accept the U.S. Treasury’s application form. Applicants should fill out an inquiry form here.


Other SBA Section 7(a) Loan lenders The Banks listed below are some of SBA’s most active SBA Section 7(a) Loan lenders. This is not an exhaustive list. The following updates are as of April 6, 2020. In addition, this is just a list of SBA approved lenders and is intended for reference and guidance purposes only.

  • FirstBank – Download an application and see the list of required documentation here. Then email it along with the required documentation to your FirstBank banker.

  • First Commonwealth Bank – Complete an application here and include 2019 Form 941 or Form 944 and a beneficial ownership form. Upload the application on their DropBox site or mail the application. See more details here.

  • First Financial Bank – Details will be posted here. First’s SBA clients who have accounts opened prior to April 1, 2020 may apply.

  • First Home Bank – Due to overwhelming response, First Home Bank suspended taking PPP Loan applications. See more details

  • First Horizon Bank – Expects to begin processing PPP Loan applications soon. Updates here.

  • Harvest Small Business Finance, LLC – Not accepting applications at this moment. Updates here.

  • HomeTrust Bank – Due to high volume of applications, HomeTrust has suspended accepting any new applications at this time. Updates here.


  • M&T Bank – Currently accepting application from customers who have an M&T Business checking account (opened as of 2/15/2020). Updates may be posted here.

  • Old National Bank – Currently accepting applications for existing Old National clients only. Clients should have had an active account or loan with Old National prior to March 31, 2020. Contact a loan officer for details or call 1-800-731-2265. Details here

  • PNC Bank – Must have an existing business deposit or lending relationship with PNC. Details

  • TD Bank – Customers should collect the materials outlined within the application to help expedite the application process. Details here.

  • The MINT National Bank – currently processing PPP Loan applications for its eligible customers. Details here.

  • Union Bank – Updates are posted here, but nothing specifically about PPP Loans.

18 views

Phone: 202.667.9473 | Fax: 202.667.9740 | info@ayalapa.com | 3501 14th Street, NW Washington, DC 20010

  • LinkedIn - Black Circle