7 Lenders That Are Offering Second Round PPP Loans Online
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January 8, 2021 – The SBA has announced that the PPP program will reopen the week of January 11, 2021. Learn more about round 2 in our updated guide to PPP loans.
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 Steps |
|---|---|---|
Lendio
 | 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. | |
Fundera
 | Online matchmaking network allows you to apply to multiple partnered PPP lenders with one application. | |
Credibly
 | Online SMB lender providing PPP loans to small businesses and institutions for their customers. | |
BlueVine
 | Direct non-bank lender for PPP loans. |
Other Featured Options:
- Funding Circle: SBA-approved PPP lender that also matches applicants with partnered PPP lenders.
- Celtic Bank Small Business Loans: Popular SBA loan bank issuing PPP loans directly and through partnered institutions.
Read more below to learn why we chose these options.
Table of Contents
7 Places To Get PPP Loans Online
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.
1. Lendio
Lendio
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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.
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2. SmartBiz
SmartBiz
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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.
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3. Fundera
Fundera
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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.
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4. Credibly
Credibly
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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.
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5. BlueVine
BlueVine
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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.
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6. Funding Circle
Funding Circle
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Funding Circle is a popular online business lender that offers direct business loans as well as loans issued through its partnered lenders. Funding Circle will participate in issuing both first draw and second draw PPP loans once the program officially resumes in 2021. If you’re applying for your first PPP loan (first draw), you can submit your application to Funding Circle now, to be processed when the SBA starts accepting applications. If you’re applying for your second PPP loan (second draw), you can sign up to be notified once applications go live.
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7. Celtic Bank
Celtic Bank Small Business Loans
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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.
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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:
- How Will PPP Loans & EIDL Advances Affect My 2020 Taxes?
- Regular 3508, 3508EZ, or 3508S: Which PPP Forgiveness Form Is Right For My Small Business?
In Summary: 7 Places To Get PPP Loans Online
- Lendio: 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.
- Fundera: Online matchmaking network allows you to apply to multiple partnered PPP lenders with one application.
- Credibly: Online SMB lender providing PPP loans to small businesses and institutions for their customers.
- BlueVine: Direct non-bank lender for PPP loans.
- Funding Circle: SBA-approved PPP lender that also matches applicants with partnered PPP lenders.
- Celtic Bank Small Business Loans: Popular SBA loan bank issuing PPP loans directly and through partnered institutions.
Shannon Vissers
Shannon is a writer and editor based in San Diego, CA. Shannon attended San Diego State University, graduating in 2005 with a BA in English. She is the former editor-in-chief of SteelOrbis, an online trade publication. Shannon has also published articles for LIVESTRONG.COM, eHow, Life'd, and other websites. She has been with Merchant Maverick since 2015, writing about POS software, small business loans, and financing for women entrepreneurs.
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