Daily Update on Paycheck Protection Program Loans

29
Apr 2020
Daily Update on Paycheck Protection Program Loans

As of April 29th: Mnuchin threatens audit of Paycheck Protection Program (PPP) recipients

 

 

Index

Current Update

SBA Guidance

Lender List

First Round Scorecard

Prior Updates

 

 

 

UPDATE:

On April 29th, Treasury threatens audits of PPP recipients, gets sued over PPP ban for companies in bankruptcy, and bans the use of robots to submit applications

 

 

 

SBA Guidance

Find a copy of the "Final" Paycheck Protection Program Loan application form is available HERE.

For a top-line overview of the program CLICK HERE.

As a borrower, more information can be found HERE.

An Interim Final Rules have been issued HERE.

Frequently asked Questions (Updated 4/24/2020 HERE 

Information for Faith Based Organizations HERE

 

 

SBA List of Lenders

On April 23rd, SBA published a list of more than 500 banks, credit unions and other lenders participating in the PPP in NC.  (This list seems likely to be in the order of most applications submitted in the first round or most funding received in NC.)

 

Truist
First Horizon
fidelity bank nc
liveoak aquesta bank alliance bank trust
ally
chase
carolina alliance
triad business

Red Background means the lender is not accepting applications. Green means the lender is accepting applications. Yellow means it is unclear.

 

We have marked the smaller lending institutions with an § if they have between $10 billion and $50 billion in assets and with §§ if they have assets less than $10 billion. These lenders have reserved funds in the second round.

Truist Bank d/b/a Branch Banking & Trust Co 

First Citizens Bank & Trust Company §

PNC Bank, National Association

Pinnacle Bank §

First National Bank (of Pennsylvania) §

First Horizon Bank §§

The Fidelity Bank §§

Southern Bank and Trust Company

Towne Bank §§

First Bank §§

Dogwood State Bank §§

Fifth Third Bank

United Community Bank §

South State Bank §

Bank of America, National Association

Live Oak Banking Company §§

Aquesta Bank §§

Readycap Lending, LLC

American National Bank and Trust Company §§

Ally Bank

North State Bank §§

CresCom Bank §

Peoples Bank §§

JPMorgan Chase Bank, National Association

TD Bank, National Association

Regions Bank

Select Bank & Trust Company §§

The Park National Bank (Carolina Alliance) §§

Surrey Bank & Trust §§

Uwharrie Bank §§

Triad Business Bank §§

HomeTrust Bank §§

Union Bank §§

 

The Huntington National Bank

BBVA USA

Cross River Bank §§

Self-Help FCU §§

Comerica Bank

Atlantic Union Bank §

Bank OZK §

Skyline National Bank §§

KS Bank, Inc. §§

Newtek Small Business Finance, Inc. 

Blue Ridge Bank, National Association §§

Silicon Valley Bank §

Farmers & Merchants Bank §§

CIBC Bank USA

Bank of Oak Ridge §§

Woodforest National Bank §§

OneWest Bank, A Division of CIT

First Home Bank

City National Bank of Florida

BMO Harris Bank National Association

Lumbee Guaranty Bank §§

City National Bank

Citizens Bank, National Association

Mechanics & Farmers Bank §§

Synovus Bank

First Bank of the Lake

CrossFirst Bank

Western Alliance Bank

The Bancorp Bank

Wells Fargo Bank, National Association

BlueHarbor Bank

United Bank

Toyota Financial Savings Bank

United FCU §§

KeyBank National Association

East West Bank

Radius Bank

Bell Bank

Greater Nevada CU

Bremer Bank, National Association

Wintrust Bank, National Association

Truliant FCU

Minnesota Bank & Trust

Alliance Bank & Trust Company

Cadence Bank, National Association

LifeStore Bank

Renasant Bank

Benchmark Community Bank

Coastal Bank & Trust

First Federal Bank §§

First Commonwealth Bank

Modern Bank, National Association

Webster Bank, National Association

IBERIABANK

Corning FCU

MetaBank, National Association

BankUnited, National Association

Trustmark National Bank

American Bank of the Carolinas d/b/a American Bank

Bank Leumi USA

Manufacturers and Traders Trust Company

Piedmont Federal Savings Bank

Pacific Premier Bank

TCF National Bank

Liberty Bank

Stearns Bank National Association

Nantahala Bank & Trust Company

Bank of Tennessee

UMB Bank, National Association

WebBank

West Town Bank & Trust

Byline Bank

Enterprise Bank of South Carolina

Ameris Bank §

Village Bank and Trust, National Association

Academy Bank, National Association

BOKF, National Association

First Carolina Bank

Hanmi Bank

Centennial Bank

Arvest Bank

Plains Commerce Bank

University Bank

Transportation Alliance Bank, Inc. d/b/a TAB Bank, Inc.

Lake Forest Bank & Trust Company, National Association

CapStar Bank

Congressional Bank

MidFirst Bank

Community First Bank, Inc.

Mountain Bizcapital, Inc.

Hiawatha National Bank

IncredibleBank

INTRUST Bank, National Association

1st Source Bank

Celtic Bank Corporation

First Financial Bank

U.S. Bank, National Association

Touchstone Bank

Popular Bank

Central Bank of Lake of the Ozarks

Capital Bank, National Association

National Cooperative Bank, National Association

Independent Bank

First Capital Bank

Enterprise Bank & Trust

S & T Bank

Gulf Coast Bank and Trust Company

Saints Avenue Bank

CenterState Bank, National Association

Bank of the Flint Hills

Texas Capital Bank, National Association

Suncoast CU

Mid Penn Bank

Fulton Bank, National Association

ServisFirst Bank

South Atlantic Bank

Westfield Bank, FSB

Partners Bank of California

Atlantic Capital Bank, National Association

First United Bank and Trust Company

America's Christian CU

Sandy Spring Bank

Community Banking Company of Fitzgerald

Cogent Bank

The Leaders Bank

CoBank ACB

Fidelity State Bank and Trust Company

Touchmark National Bank

Oriental Bank

Newton Federal Bank

Midwest Bank

Bank of Clarke County

First Resource Bank

Anderson Brothers Bank

Valley National Bank

Sandhills Bank

First Command Bank

First Community Bank

First State Bank

Pinnacle Bank

Movement Bank

Zions Bank, A Division of

First Merchants Bank

Commerce Bank

First Bank Financial Centre

Citizens Bank

Southern First Bank

Origin Bank

The Piedmont Bank

Coastal States Bank

EverTrust Bank

First Savings Bank

Millennium Bank

The Old Point National Bank of Phoebus

Carolina Bank & Trust Co.

United Midwest Savings Bank, National Association

Sunwest Bank

Farm Bureau Bank, FSB

Flagstar Bank, FSB

First Midwest Bank

First International Bank & Trust

American National Bank

Customers Bank

Bank of George

New York Business Development Corporation

Midwest BankCentre

Midland States Bank

Oxford Bank

Queensborough National Bank and Trust Company

The Provident Bank

Northstar Bank

The Farmers National Bank of Canfield

Beacon Community Bank

Republic Bank & Trust Company

Connecticut Community Bank, National Association

The Conway National Bank

First Bank

Coastal Carolina National Bank

Putnam County Bank

WesBanco Bank, Inc.

Old National Bank

The First Bank and Trust Company

Village Bank

First Secure Bank and Trust Co.

Legacy Bank

First State Bank Nebraska

Allegiance Bank

Settlers Bank

Horizon Bank

Bank of Ann Arbor

Amarillo National Bank

Great Plains National Bank

Silver Lake Bank

Community Trust Bank, Inc.

Wheaton Bank & Trust Company, National Association

First State Bank

First Palmetto Bank

Business Development Corporation of South Carolina

Bank of York

Treynor State Bank

Merchants and Manufacturers Bank

CFBank, National Association

First Republic Bank

First Federal Bank

T Bank, National Association

Platinum Bank

Security Federal Bank

Georgia Banking Company

Peoples Bank

First Service Bank

First Florida Integrity Bank

Navy FCU

Pendleton Community Bank, Inc.

Red River Bank

First American Bank

Level One Bank

Dallas Capital Bank, National Association

Lake City Bank

SAFE CU

First Business Bank

1st Constitution Bank

Royal Banks of Missouri

Meadows Bank

BancFirst

ABNB FCU

Hancock Whitney Bank

Vinings Bank

First Reliance Bank

Seacoast National Bank

Nizari Progressive FCU

First Citrus Bank

Evansville Teachers FCU

Northern Bank and Trust Company

Citizens National Bank

People's United Bank, National Association

Idaho First Bank

First Federal Community Bank, National Association

American Bank, National Association

The Farmers & Merchants State Bank

Glacier Bank

Seacoast Commerce Bank

Small Business Bank

First Federal Bank of the Midwest

Riverview Bank

First Choice Bank

Sabine State Bank & Trust Company

Central Bank of St. Louis

VeraBank, National Association

Investar Bank, National Association

TransPecos Banks, SSB.

The Canandaigua National Bank and Trust Company

CornerstoneBank

Select Bank

First Western Trust Bank

First Midwest Bank of the Ozarks

First Bank of Owasso

First American Bank & Trust Company

Bank of St. Francisville

BMW Bank of North America, Inc.

The National Bank of Blacksburg

Vibrant CU

Union Bank and Trust Company

Signature Bank

Kaw Valley Bank

Citizens Bank of the South

Sterling State Bank

Citizens and Farmers Bank

Solera National Bank

Southern States Bank

Delta Community CU

Adams Bank & Trust

Mars Bank

Embassy National Bank

The Peoples Bank

Prime Meridian Bank

Countybank

Centerstone SBA Lending, Inc.

Tennessee State Bank

Loyal Trust Bank

Metro City Bank

Merchants Bank of Indiana

BANK

United Business Bank

Affiliated Bank, National Association

First Chatham Bank

River Bank & Trust

Southern Michigan Bank & Trust

Western State Bank

First Vision Bank of Tennessee

HSBC Bank USA, National Association

Piermont Bank

Five Star Bank

Umpqua Bank

The MINT National Bank

Bank of Colorado

Carolina Farm Credit, ACA

Optus Bank

Poppy Bank

Central Bank

Nicolet National Bank

The Litchfield National Bank

VisionBank

Enterprise Bank

The National Bank of Indianapolis

California Bank of Commerce

Stock Yards Bank & Trust Company

Altra FCU

Paragon Bank

Berkshire Bank

Stone Bank

The Farmers National Bank of Danville

Wallis Bank

Cambridge Trust Company

NewFirst National Bank

Tandem Bank

CommerceWest Bank

BNB Bank

Keystone Bank, National Association

West Bank

Summit Community Bank, Inc.

Bankwell Bank

Northbrook Bank & Trust Company, National Association

mBank

Commonwealth Business Bank

First Interstate Bank

The First National Bank of Dennison

South Central Bank, Inc.

The Paducah Bank and Trust Company

CRF Small Business Loan Company, LLC

Unity Bank

AgCarolina Farm Credit, ACA

Community National Bank & Trust of Texas

Bankers' Bank of Kansas

United Bank & Trust

Busey Bank

Citibank, N.A.

Peoples Bank

LCA Bank Corporation

Banesco USA

Progress Bank and Trust

Fairfield County Bank

Quantum National Bank

Legence Bank

NBT Bank, National Association

FirstBank Puerto Rico

Emigrant Bank

Thrivent FCU

Mission Valley Bank

Northwest FCU

URW Community FCU

First Farmers Bank and Trust

Pinnacle Bank

Arthur State Bank

GrandSouth Bank

The Union State Bank of Everest

Central Bank & Trust Co.

Community National Bank

BNC National Bank

Bank of Travelers Rest

The Northern Trust Company

Alliance Bank

The Dart Bank

Peoples Bank of Alabama

b1Bank

Bryant Bank

Great Southern Bank

Central Pacific Bank

The Bank of Fincastle

State Bank of Southwest Missouri

Farmers Bank

Spirit of Texas Bank, SSB

Community Banks of Colorado, A Division of

Quaint Oak Bank

Virginia Bank and Trust Company

Digital FCU

Pacific Western Bank

US Eagle FCU

Signature Bank of Georgia

D. L. Evans Bank

BancorpSouth Bank

SouthPoint Bank

Axiom Bank, National Association

Community Bank & Trust-West Georgia

Citizens Bank of Kansas

GBC International Bank

Florida Capital Bank, National Association

German American Bank

First Volunteer Bank

Virginia Commonwealth Bank

Piedmont Advantage CU

Texas Republic Bank, National Association

Trustar Bank

Midwest Regional Bank

Community Bank, National Association

Heritage Bank, National Association

Sunrise Banks, National Association

Waterford Bank, National Association

Austin Bank, Texas National Association

Citizens Bank and Trust Company

PromiseOne Bank

CDC Small Business Finance Corporation

First Bank & Trust

Alpine Capital Bank

Palmetto State Bank

Spring Bank

Liberty Bank and Trust Company

First United Bank & Trust

Frontier Community Bank

New Millennium Bank

United Bank

The Citizens Bank

First Western SBLC, Inc

First Freedom Bank

Forcht Bank, National Association

One Florida Bank

Bank Independent

American Pride Bank

Community Bank of Mississippi

Gulf Coast Bank

The First National Bank in Falfurrias

Valley Strong CU

Norway Savings Bank

Exchange Bank of Missouri

First Mid Bank & Trust, National Association

First Bank of Alabama

Equity Bank

Associated Bank, National Association

First IC Bank

Newton Federal Bank

Buckeye State Bank

Pacific Enterprise Bank

Colony Bank

Rocky Mountain Bank

First Bank

CenTrust Bank, National Association

Webster Five Cents Savings Bank

First Security Bank of Nevada

Frost Bank

DR Bank

Community Bank of Parkersburg

Heritage Bank, A Division of

Community Bank of the Chesapeake

Farmers & Stockmens Bank

Jordan FCU

The Bank of Austin

NBKC Bank

Continental Bank

LincolnWay Community Bank

Park Ridge Community Bank

Chartway FCU

Tulsa FCU

Providence Bank §§

PlainsCapital Bank

Planters First Bank

Fall River Five Cents Savings Bank d/b/a BankFive

Fortress Bank

First Internet Bank of Indiana

Freedom National Bank

Morton Community Bank

Mechanics Bank

First Security Bank

The State Bank

First Citizens Bank

Independence Bank

Fund-Ex Solutions Group, LLC

First Southern Bank

South Carolina FCU

Oconee State Bank

American Savings Bank, FSB

First Southern National Bank

Table Rock Community Bank

Bank of Yazoo City

FineMark National Bank & Trust

New Peoples Bank, Inc.

OptimumBank

Bank of Washington

Civis Bank

Truxton Trust Company

Georgia Primary Bank

Thomasville National Bank

Home Loan Investment Bank, F.S.B.

Four Corners Community Bank

Dime Community Bank

Peoples Bank of East Tennessee

BOM Bank

First Piedmont Federal Savings & Loan Association

F & M Bank

Hancock Bank & Trust Company

Citizens Bank of Lafayette

The Fauquier Bank

York Traditions Bank

San Francisco Fire CU

Farmers and Miners Bank

First Bank & Trust

First Port City Bank

The Fisher National Bank

Oakworth Capital Bank

Civista Bank

F & M Bank and Trust Company

Rockland Trust Company

Elements Financial FCU

Coastal Community Bank

Bank of the James

Community Savings Bank

FNBC Bank

Platte Valley Bank

Mascoma Bank

Kennebec Savings Bank

Farmers and Merchants Trust Company of Chambersburg

Rosedale Federal Savings & Loan Association

Citizens Community Federal National Association

Hana Small Business Lending, Inc.

Johnson Bank

Chesapeake Bank

Gather FCU

Iowa State Bank

iTHINK Financial CU

NebraskaLand National Bank

BankFirst Financial Services

The Union Bank Company

Salem Five Cents Savings Bank

First Community Bank of East Tennessee

United Community Bank

Cornerstone National Bank & Trust Company

First Sentinel Bank

Texas Trust CU

Glenview State Bank

Bank of Eastman

Republic Bank of Chicago

Alpine Bank

Carrollton Bank

Farmers State Bank of Trimont

FirstBank

Axos Bank

Pathfinder Bank

Ventura County CU

Assemblies of God CU

Newport News Shipbuilding Empl CU Inc d/b/a BayPort CU

FirstBank

Alden State Bank

The Bank of Marion

Bar Harbor Bank & Trust

The First National Bank of South Miami

MVB Bank, Inc.

West Gate Bank

Meritrust FCU

Capital City Bank

 

 

The Scorecard from the First Round of Lending

from Charlotte Business Journal

 

Bank of America 

  • 370,000 applications
  • unknown approved
  • unknown funding

Wells Fargo

  • 370,000 indications of interest
  • unknown approved
  • unknown funded 

Truist

  • 32,000 loans approved
  • $10 billion funded

Fifth Third Bancorp

  • 10,000 loans approved
  • $3.4 billion funded

South State

  • 10,000 inquiries
  • 5,000 loans approved
  • $900 million funded

First Horizon

  • 9,174 loans approved (743 in Charlotte)
  • unknown funded

Pinnacle Financial

  • 12,000 applications
  • 6,000 loans approved
  • $1.8 billion funded
  • 5,500 applications for second round

PNC Financial Group

  • 10,000s loans approved
  • billions of dollars funded

Bank OZK

  • 7,000 applications received
  • 2,109 loans approved
  • $327 million funded

F&M Bank

  • 100s loans approved
  • millions of dollars funded

Towne Bank

  • 5,000 applications processed
  • $1 billion funded

Uwharrie Bank

  • 830 applications received (100 businesses dropped out)
  • 523 loans approved
  • $55 million funded 
  • 150 applications for 2nd round

Aquestra Bank

  • 854 applications received
  • 684 loans approved
  • $117.2 million funded 

Regions Bank

  • $2.8 billion loans funded

NewDominion 

  • 200 approved applications (all applications processed)
  • $40 million funded

Blue Harbor Bank

  • 100 loans approved 
  • $10 million funded

Live Oak Bank

  • 4957 applications approved 
  • 978 million funded

 

Prior Updates from Second Round

On April 28th, more than 100,000 PPP approvals issued by SBA; PPP Bookkeeping advice; Bailing out the Girl Scouts

 

On April 27th, "The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT."  Things did not go as planned.

 

 

On April 22nd, the Senate approves $310 billion of which will top off the depleted PPP fund directly.  Of those funds $30 billion is set aside specifically for institutions with less than $10 billion in assets and $30 billion for institutions with between $10 billion and $50 billion. (Copy of Bill)

Details:

Fortune

Forbes

Inc

Washington Post

The Hill

USA Today

Pymnts.com

Funding could evaporate in 2 days

Fintechs not included in this round

 

 

Link to First Round Information

 

 

If you have a questions about the CARES ACT or issues affecting your business in this crisis, contact Allen Stahl + Kilbourne

By James Kilbourne and Derek Allen

 

Updated: April 27, 2020

 

Any statements contained herein do not constitute a formal legal opinion and should not be relied upon as such. These articles are intended for general informational purposes only.  Nothing expressed shall be grounds for the creation of an attorney-client relationship.  Our attorneys can give legal advice only in the context of an attorney-client relationship after a conflict check, the execution of a representation agreement and a discussion of the specific information and unique issues of your particular circumstances.

The situation surrounding COVID-19/coronavirus is changing constantly; as a result, any discussions that might take place may not necessarily reflect the latest information regarding recently-enacted, or pending or proposed legislation or guidance that could override, alter or otherwise affect existing legal analysis.