Loan Options for Small Businesses
Make sure to check out our list lending options available to start-ups and small businesses.
Paycheck Protection Loan Bank Portals
- Chase
- Bank of America
- Mid Penn Bank – FDIC insured and they have the application ready to complete! UPDATE 4/1/20: We are learning that this application is more of a pre-qualification vs. application. We still advise using your current banker/lender to manage this process.
- Silicon Valley Bank (SVB)
- Huntington Bank – #1 SBA lender
- Signature Bank
- Wintrust
- US Bank – this includes the link to start the application.
4/8/20 Update – SELF EMPLOYED OR INDEPENDENT CONTRACTORS – make sure you’re ready to apply for the PPP loan this Friday, April 10. Need guidance on how to calculate the loan? Please check out our latest update, “Self-employed and Independent Contractors: Paycheck Protection Loan Program“.
4/7/20 Update – CHASE is live – they never sent an email, but here is the link to their PPP loan application.
4/6/20 Update – PARTNERS DISTRIBUTIONS and GUARANTEE PAYMENTS – we’ve been hearing mixed results – do these count as payroll or don’t they. A national bank told our client to INCLUDE them in the PPP calc. Make sure to ask your lender.
4/6/20 Update – JustWorks, PEO provider, has a tool very similar to Gusto and ADP that can calculate the monthly payroll for you – save time and use their tool. Make sure to add in other benefits that are NOT in JustWorks.
4/6/20 Update – SVB goes live at 6pm with their application.
4/6/20 Update – Chase – their process includes a package emailed to you with DocuSign as an element to it, from what we heard from another client.
4/6/20 Update – US Bank – a client forwarded us a status email from US Bank about the application process – this has been probably been the most transparent one on the whole process.
4/5/20 Update – SVB has been sending out emails indicating their application process will start on Monday, 4/6/20.
4/5/20 Update – Chase has been sending out emails to those that completed the initial request last Friday.
4/5/20 Update – Fifth 3rd Bank launching their PPP loan application tomorrow.
4/4/20 Update – PPP Loan AFFILIATE rules updated last night – interim.
4/4/20 Update – We heard Wintrust went live last night sending emails to their customers, but then around 9:30pm CST, then closed the link
4/3/20 Update – We’ve heard that the SBA will start processing applications starting April 6 – NOT April 3. Stay tuned for more information.
4/3/20 Update – Gusto and ADP has a feature that allows you to create the monthly PPP report automatically – we noted that Gusto did this yesterday – nice work on both companies!
4/3/20 Update – make sure you have a copy – front/back of your driver’s license, articles of incorporation/organization, NACIS code, and 2019 payroll tax records…we are starting to see banks/lenders request this information.
4/3/20 Update – MAKE SURE YOU ARE USING THE MOST CURRENT PPP Loan application FORM – see HERE This was updated last night and what the banks/lenders are requesting.
4/3/20 Update – US Bank is live – click HERE
4/3/20 – Chase is live. You can now submit for the PPP loan.
4/3/20 – For what its worth, we just helped a client complete the B of A loan application – it wasn’t really an application – just general information.
4/3/20 – We got word that Huntington Bank goes live at 11am today accepting PPP Loan applications. They are taking phone calls and not doing online applications.
4/3/20 – Per Bank of America’s email this morning, their new payroll calculation is now 2.25 times the average monthly payroll vs. 2.5 times. Also, independent contractor expenses may need to be excluded. We are receiving multiple views in this area. Stay tuned.
4/3/20 – CIBC will NOT be ready until Monday to take applications.
4/3/20 Update – MAKE SURE your company is current with the State – visit cyberdriveillinois.com – if you’re not active, you may get declined for the loan.
4/3/20 Update – We heard that B of A is ready to take applications. The monthly payroll request is just 2019, with some other supporting documents.
4/2/20 Update – We heard from a very large bank that those companies trying to submit multiple applications at various institutions will cause a delay in the review and loan process. We suggest sticking to one lender and be patient.
4/2/20 Update – One national bank stated their response to a question we are receiving a lot: DISTRIBUTIONS, GUARANTEED PAYMENT OR OTHER “BELOW THE LINE” COMPENSATION TO OWNERS IS NOT CONSIDERED PAYROLL.
4/2/20 Update – Chase customers – per their website, they may not be ready to accept applications tomorrow, April 3. Also, here is a link to the webinar from them today: WEBINAR.
4/2/20 Update – Gusto users – we heard that they can auto-generate a monthly payroll schedule to be used with your lender – we haven’t tried it, but sounds pretty cool…make sure you’re capturing contractors.
4/2/20 Update – We received the application from another bank, including their payroll schedule. Appears the trend is that banks/lenders want to see just 2019 payroll information since this is supportable through W2s, 940/941s.
4/2/20 Update – B of A is NOT accepting paper applications. They will have their own process.
4/2/20 Update – another large lender just mentioned that they will have their own application and it will be signed via Docu-sign. They also provided information that companies need to start collecting now – very similar to our list below that we summarized in our original post.
4/2/20 Update – anonymous lender mentioned that the PDF application may not be final and could change…keep this in mind and note that this process is continuing to change.
4/2/20 Update – US Bank – they are taking on new customers relating to the PPP Loan program. If you are getting turned away from other banks, check them out. We spoke to them today, and they do not have timing on when their application will become available.
4/1/20 Update – Huntington Bank – they have listed their criteria on their website – see below. Again, very different documents from what we’ve seen from other banks.
4/1/20 Update – Silicon Valley Bank (SVB) – we hear they may not be ready for another 3- 5 days. Appears they are not SVB approved and trying to get through that process. They are sending clients a prelim link, but its not the application.
4/1/20 Update – Signature Bank – WE HAVE THEIR APPLICATION – just received today.
4/1/20 Update – American Commercial Bank & Trust – WE HAVE THEIR APPLICATION – just received today.
4/1/20 Update – Bank of America sent a note of documentation needed – see below – they indicated not all information will be needed at time of application, but to have these materials available:
- 2019 payroll – including the last 12 months of payroll
- 2019 employees – 1099s for 2019 employes and independent contractors that would otherwise be an employee of your business (do NOT include 1099s for services)
- Healthcare costs – all health insurance premiums paid by the business owner under a group health plan.
- Retirement – your company retirement plan funding paid for by the company
4/1/20 Update – Chase is offering a webinar tomorrow – make sure to sign up. We also learned that they are ONLY accepting online applications -no paper-based or in-person meetings.
3/31/20 Update- Another loan is available – Chicago Small Business Resiliency Fund Application is available – CLICK HERE.
3/31/20 Update – Application for the Paycheck Protection Program is live: CLICK HERE. This is from the US Treasury website. Your lender may have a different application. UPDATE 4/2/20 – this has been revised – see above for the more current version.
3/31/20 Update -SBA announces additional information on the Paycheck Protection Program – check out their site HERE.
3/31/20 Update – We are hearing that most banks are serving their existing customers first in the loan process.
3/31/20 Update – small businesses and sole-proprietors can apply for and receive loans to cover their payroll starting April 3, 2020.
3/31/20 Update – independent contractors and self-employed individuals can apply for an receive loans to cover payroll starting April 10, 2020.
We have spoken to most of the banks and they do not have forms available to start the loan process, but advised companies to start gathering the information now – see our list below.
You will have better luck with the loan process by contacting your current banker/lender. Most banks are working with their existing customers on the PPP Loan.
Every bank will have its own loan process – so Bank 1 will have a different process than Bank 2.