But for those who have had trouble with their local bank – ahem, Wells Fargo – or just flat-out don’t have a business banking relationship, here is the best place to apply for a PPP loan and the online lenders equipped to handle your application. UPDATE: Congress has approve additional funding for the Payroll Protection Program through the SBA.ĥ Online Lenders Accepting PPP Applicationsįirst off, we recommend checking with your local bank or current lender prior to turning to online platforms.
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We previously wrote a post detailing how to apply for a PPP loan, but here we’ll focus specifically on the best online lenders for the second round SBA loans.
Ut the better option for business owners may be the fintech companies which can work to find a lender on an applicant’s behalf. Several of them, including Square, PayPal, and Intuit have received permission from the Small Business Association to dole out these funds themselves. Traditional banks struggled to handle the influx of loan requests, big businesses swooped in and gobbled up large chunks of the available funds( some eventually returned them), and many small businesses were left out in the cold.īut the additional $284 million, including at least $40 billion set aside for the smallest and minority-owned businesses, in Congress’ latest relief bill should help alleviate the funding problems experienced by so many small businesses.Īlso different this time around is the presence of several online lenders, who have stepped in to fill the void and create a more seamless PPP application process online. Last year, many small businesses were fed up with the Payroll Protection Program (or PPP) application process.
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