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SBA Paycheck Protection Program (PPP) Loans Explained: How They Work, Who Qualifies, & Where To Apply

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Shelbi Wescott

Shelbi Wescott

Writer at Merchant Maverick
Shelbi Wescott is a writer and educator from Portland, Oregon. When she isn't writing about ways to help small businesses, she is a published author churning out pages for her science-fiction and mystery books. In 2015, her book After Life won an Honorable Mention for Best YA Mystery from the Library Journal. (It has ghosts. And mystery.) Shelbi has both a BA in English Literature and a Masters in Teaching from Lewis and Clark College.
Shelbi Wescott
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10 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Mary Haymans

    I applied two PPP application at my local Bank. Went back several time and was told we are in a cubicle and just wait. We have yet to hear from the bank. Went to two another local Bank and they told me they wish I had gone to the first because they could of help me. I found another bank that still has the fund and was going to help me but want proof that I had not received funds yet. Well my local bank still hasn’t gotten back with me.
    Today this bank that still has funds said the only way they would accept the application is to move my business account to their bank. Which is a good 50 miles from where my business is located. Is this a rule to apply for the PPP? I do understand the monies will have to be deposited into their bank and I would have open an account to write check from. What I don’t understand is to be denied because I live 50 miles from them.
    How can I find out if there is any other bank in my area that still has some funds available. I was referred to this bank from another bank that whished they could of helped me.
    Should I mention to this bank that this is not a SBA rule to apply for the PPPL?

      Jessica Dinsmore

      Hi Mary,

      I’d suggest you just ride the wave. I wouldn’t recommend opening a bank account 50 miles away. You’ve already got applications being processed by your local bank, so just hang tight and try to be patient. You can also try calling Tier 2 for an update. But be persistent if you aren’t getting the information you are requesting. Be a squeaky wheel at your bank too! They work for you! Good luck.

        benjamin w shell

        how to check if you qualified for the loan

          This comment refers to an earlier version of this post and may be outdated.

          Jessica Dinsmore

          Hi Benjamin,

          We cover Who Qualifies For A PPP Loan in this post. If you are wanting to check your status you can find out how to do that in our How To Check The Status Of Your PPP Loan Application post.

            This comment refers to an earlier version of this post and may be outdated.

            We've done in-depth research on each and confidently recommend them.

            Shirley Fajardo

            Hi Chris,

            Majority of banks are accepting application for customers with a Business Account only. I am a self employee with a regular checking account, I have been calling and checking all the banks near me and no one have been able to help me. Any suggestions?

              This comment refers to an earlier version of this post and may be outdated.

              Jessica Dinsmore

              Hi Shirley,

              You can apply for a self-employment loan through the Paycheck Protection Program. But I’d suggest jumping on it! Best of luck to you!

                This comment refers to an earlier version of this post and may be outdated.

                Mari Posner

                Our bank is Wells Fargo that took only our name and email on Sun 4/5. I heard WF already cap their max $10B on Saturday. Since we haven’t filled out application yet w/WF, can I still apply through fundra or lendio?

                  This comment refers to an earlier version of this post and may be outdated.

                  Jessica Dinsmore

                  Hi Mari!

                  You can definitely apply for a loan elsewhere. Best of luck to you!

                    This comment refers to an earlier version of this post and may be outdated.

                    Chris

                    Hi,
                    Is it OK to apply at more than one bank?
                    I realize you can only accept one loan per EIN, but I am nervous about some banks and I don’t know how to choose the one to apply to. I have picked 3 somewhat local banks and would like to apply to them and go with the first one that approves me. We are in dire straits to keep employees on, but customers are not paying.

                      This comment refers to an earlier version of this post and may be outdated.

                      Jessica Dinsmore

                      Hi Chris,

                      I’d suggest using the SBA Preferred Lending Partners link in the article to find eligible lenders near you, or go with any of the three lending vendors (aka matchmakers) we suggest in the article that have Paycheck Protection Loans available now. If the need is great and you want to cast a wide net, go with a matchmaker. We wish you all the best during this trying time!

                        This comment refers to an earlier version of this post and may be outdated.

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