This list of available small business loans and lender requirements is updated on a regular basis. Make sure to check out our list lending options available to start-ups and small businesses.
- 4/2/20 Update: Anonymous lender mentioned the PDF application form may change – another point that this process is constantly moving.
- 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.
- 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.