ISSUE BRIEF: PPP portal has reopened for loans with additional $310 billion
Tonda Rush
Apr 28, 2020
The Paycheck Protection Act (PPP) portal has reopened for loans with an additional $310 billion in newly appropriated funds from Congress. Community newspaper publishers report that they have run into difficulties securing loans from large banks. The most recent Congressional appropriation set aside $30 billion for small lenders with less than $10 billion in assets and $30 billion for mid-sized lenders with assets less than $50 billion. Loan applications will stop when funds run out.
Publishers still running into difficulties are encouraged to try small and mid-sized lenders, including credit unions. Here are some institutions whose doors are reportedly still open (note: this list is not exhaustive — please try your local lenders first):
- Bancorp South: https://www.bancorpsouth.com/landing/cares
- Hope Credit Union: https://hopecu.org/take-advantage-of-the-paycheck-protection-program-for-businesses-nonprofit-organizations/
- Navy Federal Credit Union: https://www.navyfederal.org/about/covid19/business-solutions.php
- Community Reinvestment Fund (for businesses in Minnesota, Missouri, New Hampshire, Ohio, Rhode Island, Texas and Utah): https://crfusa.com/sba-paycheck-protection-program-loans-from-crf/
- Dream Spring Credit Union (Colorado, New Mexico and Nevada): https://dreamspring.formstack.com/forms/paycheck_protection_program_reservation
- Intuit (maker of Quickbooks): https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/
- PayPal: https://www.loanbuilder.com/ppp-loan-support
- Square Capital: https://www.loanbuilder.com/ppp-loan-support
- Veem: https://www.veem.com/sba-ppp/