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Expert Contributor
UPDATED
The SBA stopped funding all PPP loans in May 2021. Existing borrowers may still be able to apply for loan forgiveness using the SBA's PPP direct forgiveness portal.
Christmas came late this year for small businesses, but hope is finally on the way. The long-awaited second COVID relief bill has finally passed, and wrapped up in this legislation is the gift of $284 billion in forgivable Paycheck Protection Program (PPP) loans for small businesses. These loans are hot commodities for hard-hit businesses during the COVID-19 pandemic, as they have an interest rate of just 1%, allow payment deferral for 10 months, and are 100% forgivable if spent on eligible expenses. Though the new PPP program doesn’t officially kick off until 2021, certain lenders have already indicated they will participate in the federally-backed small business loan program, and some are already accepting applications.
Want to apply for a PPP loan online? Here are the best online lenders participating in the second round of PPP loans.
Learn More About Our Top Picks
| Company | Summary | Next StepsSummary |
|---|---|---|
Lendio
 | Online lending network lets you apply to multiple partnered PPP lenders with one application. | Online lending network lets you apply to multiple partnered PPP lenders with one application.
|
SmartBiz
 | Leading online facilitator of SBA and bank term loans streamlines application process. | Leading online facilitator of SBA and bank term loans streamlines application process.
|
Credibly
 | Online SMB lender providing PPP loans to small businesses and institutions for their customers. | Online SMB lender providing PPP loans to small businesses and institutions for their customers.
|
Fundera by NerdWallet
 | Online matchmaking network allows you to apply to multiple partnered PPP lenders with one application. | Online matchmaking network allows you to apply to multiple partnered PPP lenders with one application.
|
Bluevine
 | Direct non-bank lender for PPP loans. | Direct non-bank lender for PPP loans.
|
| Show More Options | ||
Celtic Bank Small Business Loans
 | Popular SBA loan bank issuing PPP loans directly and through partnered institutions. | Popular SBA loan bank issuing PPP loans directly and through partnered institutions.
|
| Show Fewer Options |
Read more below to learn why we chose these options.
Table of Contents
Looking for the best place to apply for a PPP loan in 2021? The best PPP lenders are all online—even the best bank to apply for a PPP loan has an easy online application. These top online lenders will participate in the new round of PPP loans and you can start applying now.
Lendio is an online lending marketplace with a network of more than 300 SBA-approved financial institutions and online lenders to help small businesses secure financing. Lendio facilitated $8 billion in PPP loans in 2020 through CARES Act funding, and now they are ready for round two. You can submit your application for a second PPP loan on Lendio's website now, and they will submit your application to PPP lenders once the program officially starts in 2021.
SmartBiz is a leading online lender offering SBA and bank loans online, simplifying the application process for these types of loans. As a prolific online SBA lender, it makes sense that SmartBiz is participating in the PPP loan program. SmartBiz isn't accepting applications for the new round of PPP funding just yet, but on their website, they have a downloadable prep list with documents you'll need to apply for a PPP loan. You can also sign up to receive an alert once PPP applications are live.
Credibly is a popular online small business lender offering financing solutions including working capital loans, merchant cash advances, and business expansion loans. Credibly participated in the first round of Paycheck Protection Program loans and Economic Injury Disaster Relief Loans (EIDL) by providing businesses with these COVID-19 relief loans directly. Additionally, their loan partnership program allows institutions to offer their customers "plug and play" PPP and EIDL loans issued through Credibly. Credibly will participate in the 2021 round of PPP loans, but is not accepting applications just yet.
Fundera is a popular matchmaking service that pairs applicants and lenders from its pool of partners. If you apply for the PPP through Fundera, the same principle applies: Fundera will shop your application amongst its network of SBA-approved lenders. Considering some of the bottlenecks applicants have run into with traditional lenders, this may not be a bad option for businesses that want to maximize their chances of getting their application through the rush.
Get Started With Fundera by NerdWallet
Bluevine offers online business financing solutions including business lines of credit, invoice financing, and business checking accounts. Bluevine is also a direct non-bank lender for the PPP program. Bluevine will participate in the new round of PPP, and has information about PPP eligibility on its website so you can check to see whether you meet the new PPP loan rules and requirements. Bluevine's PPP applications aren't live yet, but you can sign up to be alerted as soon as applications open.
Utah-based Celtic Bank is one of the largest originators of SBA loans. And unlike most banks, Celtic makes it easy to apply for SBA loans online and has relaxed borrower requirements. Celtic Bank participated in the CARES Act-funded PPP program and plans to participate in the so-called "PPP 2.0" program for 2021. (OnDeck, another leading online small business lender, previously issued PPP loans through Celtic, so it's foreseeable that OnDeck may resume issuing PPP loans through Celtic Bank in 2021 also.) Celtic Bank will provide information about the new PPP round as it becomes available in early January.
Get Started With Celtic Bank Small Business Loans
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Even if you already received a PPP COVID-19 relief loan in 2020, you can still receive a second PPP loan in 2021 as large as $2 million, thanks to the Coronavirus Response and Relief Supplemental Appropriations Act that passed in December 2020. The lenders featured in this post are some of the best PPP lenders online, and we’ll keep you updated with more information on these lenders’ participation in the new round of PPP as it becomes available.
Before applying, make sure you are eligible for the new round of PPP funding by reading PPP Round Two: New PPP Loan Rules & Requirements We Know So Far. Previous PPP loan recipients might also be interested in these related resources we have on PPP loans:
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