Considering applying for a second PPP loan or are you a first-time PPP loan borrower? We'll help you find out the best PPP lenders, as voted on by past PPP recipients. But first, the votes!
We will be sharing results here on Sunday January 10, 2021. If you received a first PPP loan, select a rating for your bank or lender below and enter the bank you used on the next page. Don't forgot to check our PPP Tracker for updated information and actions.
How would you rate the PPP bank or lender you used?
You'll be able to enter the bank name and leave comments on next screen.
What banks can I apply to with the PPP program?
In the first go around, the larger banks or credit unions often preferred clients that had existing relationships with them. This was largely due to prevent fraud. Banks knew the history of the small business owner and could therefore assess risk, see if they qualify, and thus — get them a PPP forgiveable loan.
However there were dozens of fintech companies that took on new clients and provided fast PPP loans. So far, we have heard good reviews from these lenders, especially for sole proprietors and independent contractors.
On our PPP tracker, we'll be sharing our recommended lenders and banks in the next couple days.
What is the latest with the PPP round 2 program?
The second PPP funding round is opening the week of January 11th. Unlike the EIDL grant program, the PPP program is not a race. The PPP had plenty of unused funds in the first go-around and we expect the same this time.
Since you apply through private lenders and banks — and there are over 2,000 banks or lenders from the first round — choosing a bank with a good track record and rating is important.
Here's our coverage of PPP round 2, the application details, and more.