Thursday, May 6th: The Small Business Administration (SBA) is now only originating Paycheck Protection Program (PPP) loans with Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) through May 31, 2021. Capital One is considered a large financial institution and is no longer able to originate PPP loans. Visit the Small Business Administration (SBA) PPP website for the latest information.
Because there are no funds currently available for large financial institutions, we are no longer accepting new First or Second Draw PPP loan applications as of 7 pm ET, Tuesday, May 4th, 2021. This includes requests for 2020 First Draw loan amount increases.
For customers with open applications, we will begin to communicate your PPP loan application status in the coming days.
Customers may still be able to apply for a PPP loan at one of the above institutions before the funds run out. A full list of Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) can be found on the SBA website.
In addition, you may be able to apply for other programs through the SBA.
We are now accepting 3508S loan forgiveness applications for borrowers that received a PPP loan of $150,000 or less that was funded in 2020, and are beginning to send email invitations to apply. Once you receive your invitation to apply, check the PPP Dashboard of your online application portal to access your PPP loan forgiveness application. We plan to begin accepting the other PPP loan forgiveness application forms (3508EZ and 3508) in May for borrowers that received loans of all sizes funded in 2020, and will continue to send email invitations to apply at that time.
Please continue to check back here for updates, including when we will begin to accept loan forgiveness applications for loans funded in 2021.
Last Updated 5/6/2021