First Round of Paycheck Protection Program Loans

Apr 2020
First Round of Paycheck Protection Program Loans

Information from the First Round of Paycheck Protection Loans



Banks lending at end of First Round

We have marked the smaller lending institutions below with an § if they have assets less than $10 billion and §§ if they have between $10 billion and $50 billion in assets.


Bank of America was first to open up a portal to accept applications from existing small business clients only.

Truist (merger of SunTrust/BB&T) started taking applications on 3/5 from existing BB&T or Suntrust clients, including small business, nonprofit, independent contractor, and self-employed clients.

Wells Fargo was the first to pull the plug in less than a day.  After the Federal Reserve temporarily lifted the asset cap, they were back online accepting applications.

We announced on April 5, 2020 that Wells Fargo is targeting to distribute a total of $10 billion to small business customers under the requirements of the Paycheck Protection Program (PPP) and will focus on serving two segments: nonprofits and small businesses with fewer than 50 employees.

We have received forms from customers expressing interest in the PPP that we expect will fill the company’s capacity to lend under the program, as Wells Fargo continues to operate under existing asset cap limitations. Given the exceptionally high volume of requests we have already received, we will not be able to accept any additional requests for a loan through the Paycheck Protection Program. We will review all expressions of interest submitted by customers via our online form through April 5 and provide updates in the coming days.

Wells Fargo has created a Spanish language page explaining "Debido al volumen extraordinariamente alto de solicitudes que ya hemos recibido, no podremos aceptar solicitudes adicionales de préstamos a través del Programa de Cheques de Sueldo."

Wells Fargo reopened applications at 7pm on 4/8 after the Federal Reserve temporarily lifted the asset cap on Wells Fargo to spur lending.  The Spanish language page is being updated.

Start the process by going online and expressing interest in seeking a Small Business PPP loan by logging onto Wells Fargo Business Online® or Commercial Electronic Office clicking on “Get Access to the Paycheck Protection Program – Learn More” and answering a few simple questions. This will take less than 5 minutes.

§ First Citizens has begun reaching out to customers by email with an application packet who indicated an interest in the Paycheck Protection Program.  Website remains silent.

PNC Bank is accepting applications through online banking (existing customers only).  Separate process for those businesses with annual revenue is less than $5 Million, the larger businesses, and self-employed individuals and independent contractors.  Able to check the status of pending applications.

Given the limitations on SBA authorized funding and the significant volume of applications already submitted to PNC and other lenders, not every qualified applicant will receive loan proceeds under the PPP. The later an application is submitted, the more likely it is that the application will not be processed and registered with the SBA before PPP funding runs out. As a result, successful SBA registration of applications submitted to PNC on or after April 15th is unlikely, at this time. (4/15)

§ § Woodforest Bank (Drop off application and supporting information at branch inside Walmart).

Fifth-Third Bank is accepting applications through online banking (assisting current customers first; expects to begin servicing non-customers later in April). ("It’s time to start the process for the Small Business Administration’s Paycheck Protection Program. We are eager to make these emergency funds available so you can continue paying your employees and keep your business running.")

§ First Horizon Bank has expanded the pilot and are now working hand-in-hand to help more customers submit their loan applications. We are finalizing an automated application process which will be live in the next 24 hours to help further expedite loan applications. (existing customers only).

They no longer suggest that automated application process which will be live in the next 24-48 hours (4/14).

§ § Crescom Bank is participating in these programs with the SBA.  Apply through commercial Loan Officer (existing customers only).

§ Pinnacle Financial Partners is accepting applications from existing customers through advisor.

§ § Carter Bank & Trust is applying online through Kabbage.

§ Bank OZK is taking applications online form OZK business customers.

§ SouthState Bank  is presently taking applications and supporting customers through the SBA Paycheck Protection Program process. (4/14)

§ § HomeTrust Bank announced they had been working with customers, but suspended their program on 4/6.  The entered into a partnership with Kabbage (a fintech) on 4/9 to restart lending

We initially began accepting applications for the Paycheck Protection Program (PPP) on Friday evening, April 3rd from customers with whom we were already working with identified payment hardships due to this pandemic. These applications were overwhelming. Our staff is currently processing applications received as quickly and efficiently as possible. In addition, there are still administrative issues with this program that the banking industry has provided feedback on to both Congress and our trade associations.

As a result of the enormous initial response, HomeTrust has suspended accepting any new applications at this time. As soon as we have additional clarity and capacity to process applications, we will provide that communication on this website.

To remedy the situation, our team has also worked to provide an alternate way for our valued customers to have the opportunity to submit an application for the SBA PPP.

We have partnered with Kabbage, a technology company that connects small businesses with cash flow solutions, to process PPP loan applications in amounts up to $2 million. Kabbage is not affiliated with HomeTrust Bank but they will accept PPP applications from HomeTrust Bank customers through their automated funding site for small and mid-sized businesses.

§ § Peoples Bank is accepting applications through their business bankers.  ("If your bank is not participating in the Paycheck Protection Program and you are seeking assistance, please understand that our priority will be focused on current customers.")

TD Bank is taking applications online from existing customers.

§ Towne Bank (Northeast NC) is accepting applications from existing business customers through their business bankers.

§ § North State Bank (Raleigh and Wilmington) is accepting applications through online banking (existing customers only).

§ § Aquestra Bank (Charlotte) is no longer accepting inquires through contact form on 3/7 and instead contact your local branch (accepting throughout NC/SC). ("If you are not currently a customer, we recommend that you pursue multiple banks as we can not ensure you that we will have the capacity to provide a PPP loan.  We will, however, attempt to get to all who are interested, although responsiveness likely will be delayed.")

Aquestra announces funding its first PPP Loan, Homewatch CareGivers in Cornelius.

Please note that funding for this program can run out at any moment. Even if you submit an application, there is no guarantee that you will receive funds. (4/15)

§ Atlantic Union Bank (Raleigh and NE NC) is accepting applications online (existing customers only). ("Due to significant volume, we are only accepting applications from existing business clients.  We are diligently processing applications, but because demand is so high, we cannot guarantee that requested funds will be approved or will be available by the SBA.")

Regions Bank (Charlotte) has resumed accepting applications through online banking (existing business customers only). 

Regions makes no guarantees regarding application processing times, whether an application will be approved, or the availability of funds, as funds are limited and subject to availability from the SBA. (4/15)

§ § Skyline National Bank (Northwestern NC) contact loan officer.

§ Amerisbank  (Mortgage offices in NC) is accepting applications from current customers only. ("Due to the high volume of applications submitted to Ameris Bank for this program, please contact your banker directly to apply. Applications are taking several weeks to transition to our processing status.")

U.S. Bank (Charlotte) is emailing invitations to those who have completed the inquiry form.  ("We will be accepting applications for our existing customers as well as new customers for this program.")

Chase (Charlotte) has begun accepting applications again after website upgrades, but admit due to high application volumes, you may experience delays. ("Please do not call about the Payment Protection Program loan.")


Banks who closed PPP lending prior to end of first round

§ United Community Bank (Western NC) began 4/4/2020 at 8am, requesting email to send portal link, but was closed again with 48 hours:

Due to overwhelming response, we have temporarily suspended paused our PPP Loan application process. We understand the urgency of this situation and we want to be able to serve as many business customers as possible. However, we must work within the limits of what we can humanly and technically manage. It is our hope that we will be able to reopen the application portal at some point in the future. Please continue to visit this page for up-to-date information regarding our PPP portal status. 

United Community announced that Sole proprietors and independent contractors will have a limited window of opportunity to apply for a PPP loan with United Community Bank on Monday, April 13. Please check back on this page on Monday morning for additional details.

We are not currently accepting applications, but hope to begin accepting new PPP applications early in the week of April 13.

We have experienced an extraordinary volume of PPP loan applications and are working hard to process those we have received thus far. As a result, we are not currently accepting new PPP loan applications. At this time, we do not know if, or when, we will be able to reopen our loan portal for new applications.  


§ First National Bank is no longer accepting PPP applications at this time. We will reconsider the acceptance of new applications if additional funding is released. (4/15)

They were accepting applications online (applicants with a current banking relationship, and located within our footprint of Pennsylvania, Ohio, Maryland, West Virginia, Virginia, D.C., North Carolina and South Carolina are still encouraged to apply). (Non-customers must make an appointment with a banker).


§ § Uwharrie Bank (Charlotte area) has stopped taking application.  

Due to SBA updates and current volume our partner, Windsor, has stopped accepting new PPP application submissions at this time.  We will provide more details as we learn more.  If you are a customer interested in the PPP, please contact your Relationship Manager.


§ § Carolina Alliance Bank (Asheville) has stopped accepting applications (4/14)

Our bankers are working around the clock to support business customers who need relief from financial hardships resulting from the COVID-19 crisis. We’ve helped thousands of customers organize and submit required information for the PPP. In a one week span, we received more loan applications to process than we normally complete in a year.

Due to massive demand for assistance through the SBA’s PPP, we will not begin the application process for new requests after April 13.


§ § Live Oak Bank (Wilmington) has stopped taking new PPP loans.

Our effort to put CARES Act capital into the hands of small business owners nationwide is underway. We are busy processing PPP loans for our existing loan customers and are unable to accept new applications at this time. Submit your information on our form below, and we’ll notify you when we have more information. 

The SBA on 4/6 tweeted that Bitty & Beau’s Coffee in Wilmington had received a loan through an application filed with Live Oak Bank.

Live Oak Bank has removed any mention of PPP from their website (4/14).


§ § Mechanics & Farmers has suspended accepting new applications for the Pay Check Protection Program until further notice.


Several banks who had a website on PPP Loans, but have no information on submitting applications

§ § The Fidelity Bank

§ § KS Bank (Raleigh area) (existing customers only)

§ § American National (Greensboro area)

§ § First Federal (Raleigh area) 



Other Banks had no information on their websites yet:

§ § First Bank

§ § Southern Bank

§ § Select Bank & Trust

§ § Union Bank 

§ § Lumbee Guaranty Bank (Lumberton)

§ § FSNB (in certain Wal-Marts in Eastern NC)

§ § Entegra Bank (Western NC)

§ § Farmers & Merchants Bank (Salisbury)

§ § Dogwood State Bank (Raleigh and the Coast)

§ § Surrey Bank (Mount Airy)

§ § Providence Bank (Rocky Mount)

§ § Bank of Oak Ridge (Greensboro)

§ § First Carolina Bank (Raleigh)

§ § TruPoint (Asheville)


The institutions above may be providing PPP Loans directly to customers through existing banking relationships.  If you have questions or additional information, please email This email address is being protected from spambots. You need JavaScript enabled to view it..


Credit Unions and others with SBA connections

§ § United Federal Credit Union

§ § Self-Help Credit Union begun the program on 4/6 with existing borrowers and tenants.  

Navy Federal Credit Union is accepting PPP applications from its members through their online account.

§ § Coastal Federal Credit Union is reviewing the full guidelines and will finalize our process for these loans as quickly as possible. The best-case estimate is that this will be during the week of April 20th at the earliest. They plan limited participation in the PPP and will only consider applications for existing Coastal business relationships, including select employer groups and current business loans and deposit accounts in which the business account was opened prior to March 27, 2020. The maximum loan amount that they will offer is $200,000.

§ § Truliant CU

Fountainhead SBF, a non-bank lender, is processing PPP loans.  According to their site, they are one of only 14 non-bank lenders licensed to make SBA 7(a) loans.  They are open to all of America’s small businesses. 

Mountain BizWorks is now eligible to issue loans under the Paycheck Protection Program (PPP) and is accepting online PPP loan applications soon. ("Our PPP program will be focused and helping rural WNC small businesses and non profits as well as women-owned and minority-owned enterprises.")  Some loans have already been funded.

Kabbage, a direct funding fintech ("financial technology company"), is also accepting Paycheck Protection Program loans von their website. Carter Bank & Trust and HomeTrust Bank have partnered with Kabbage to provide services to their customers.



Prior Updates

On April 16th,


On April 15th,


On April 14th,


On April 13th,


April 12th (EASTER)  


On April 11th, 


On April 10th,

HAPPY INDEPENDENT CONTRACTORS DAY!  Today the PPP Loan applications are open to independent contractors and self-employed individuals. You will need one of the following; 2019 IRS 1040 Schedule C, 1099 Payroll (IRS Form 1096), or IRS Form 1099 MISC. If not available, please provide evidence of January and February 2020 earnings.


  • Forbes asks "Do venture capital (“VC”) and private equity (“PE”)-backed companies qualify for PPP loans?"
  • USA Today reports participation in the PPP by those not in need will lead to later public shaming.
  • Maine Brewer received one of the first PPP Loans only to learn it was an incredibly bad fit.
  • CNBC reports frustration mounting for business funding
  • CBS highlights Wilmington coffeeshop as one of the first PPP recipients.
  • Reason Magazine gives four libertarian reasons small businesses are struggling with PPP.


  • Our PPP Daily Update got posted on WRAL Techwire.
  • Federal Reserve announced yesterday that $2.3 trillion in loans to support the economy by supplying liquidity to participating financial institutions and by purchasing of up to $600 billion in loans through the Main Street Lending Program



On April 9th,

  • Federal Reserve announces $2.3 trillion in loans to support the economy by supplying liquidity to participating financial institutions and by purchasing of up to $600 billion in loans through the Main Street Lending Program
  • Our PPP Daily Update gets posted on WRAL Techwire.
  • Wells Fargo is again accepting applications after the Federal Reserve temporarily lifted their asset cap.
  • Hometrust has begun accepting applications again through Kabbage.
  • SBA claims to have approved more than 100,000 loans valued at more than $30 billion, Vice President says $70 billion dollars are disbursed, but banks say they have not disbursed any funds because the Promissory Note form has not been received from the SBA.  
  • CBS News reports that an effort to immediately add $250 billion to the PPP program failed to get unanimous consent.
  • The Hill describes five problems banks face in getting PPP funds to customers
  • Shopping banks for PPP?  If your lenders submit two applications to the SBA, it may trigger a fraud warning.
  • Fintech (Financial Technology) Firms are assisting consumers and banks in the PPP process.
  • Durham Herald reports small business owners turning to state of North Carolina for help.
  • WRAL reports PPP funding held up as banks are still waiting for guidance on the appropriate documents to use to close the loans and many other issues
  • American Banking Association reports SBA issues promissory note late on 4/7, but it will likely need revision; SBA also updates frequently asked questions.
  • IRS sends out warning on scammers: The Internal Revenue Service (IRS) urges taxpayers to be on the lookout for scam artists trying to use the Economic Impact Payments (Stimulus Payments) as cover for schemes to steal personal information and money. Remember, the IRS will not call, text, email or contact you via social media asking for personal or bank account information – even related to the Economic Impact Payments. Visit for more information.

On April 8th,

  • Not much change in the current list of North Carolina lenders. Regions Bank has begun accepting applications again but Mechanics & Farmers has suspended accepting new applications.
  • Yahoo Finance and CNBC are reporting that the Fed is temporarily lifting the asset cap on Wells Fargo to spur lending.
  • In a tweet this afternoon, Wells Fargo said "We are pleased that today’s actions by the Federal Reserve will allow us to expand lending to small business and nonprofit customers through the Paycheck Protection Program. We are working to relaunch the submission process and will continue to provide updates."
  • Cincinnati Business Courier (paywall) interviews Fifth Third CEO who says PPP lending is "not going to be pretty but it will get done."
  • JP Morgan Chase reports they had received 375,000 requests to apply for some $40 billion in PPP loans by 4/7 at 1:00PM.
  • The Hill describes political dispute over expanding PPP loan fund by another $250 billion.
  • USA Today joins CNBCABC News, and NBC News who reported the roll out of PPP as a mess for small businesses.
  • Banks blame Know Your Customers rules and anti-money laundering process for limiting loans to their existing customers.
  • Portland bar owner writes that he would turn down a PPP Loan.

On April 7th,


On April 6th, 

  • There is a new list of lenders below:  Banks that have already closed applications.
  • CBS reports Wells Fargo stops taking applications.  
  • The Hill reports Fed will purchase PPP loans to free up capital. 
  • Yahoo says Fed will backstop PPP program
  • Bank of America has received 77,000 small businesses applications for $32.6 billion 
  • Larger firms are pursuing the PPP Loans under an exception in the law 


On April 5th, many Banks offering PPP Loan applications to existing customers; SBA website is sharing list of lenders

Truist 10 step program

Step 1: You start at your bank Suntrust or BB&T and click the link at the top of the page. (image of Suntrust page) (image of BB&T page)
Step 2: You click a link on a Truist PPP Page to "enroll in email alerts" which skips you to the bottom of the page. (image)
Step 3: You give Truist bank (the new name of their merger) a bunch of info to join the list serve included at the bottom of their public page. (image)
Step 4: You get an email with a web address. (image)
Step 5:  The bland web page asks for a user name and password.  This is actually hosted by not Truist and sets off every alarm as a phishing page trying to get fraudulent information (complete at your own risk).  Privacy Policy and Terms & Conditions links at the bottom of the page don't work. (image)
Step 6:  You ignore the user name and password and click sign up as a new customer (in really small letters), even though you are already a customer at BBT or SunTrust and have an existing online account. (image)
Step 7: You give them your info on another bland web page. (image)
Step 8:  They send you an email with a username and password (we assume).
Step 9:  You fill out the application and submit it (we assume).
Step 10: You get the PPP Loan (we assume).

Obviously, the PPP process has taxed all lending institutions with the volume of application and the speed of its creation.  This is not to single out Truist Bank, which is now America's 6th largest bank.  The process has been absolutely overwhelming to every single small business owner who is struggling to survive through this crisis. 


On April 4th, about half the banks were accepting applications for PPP Loans.  A number of others were preparing to offer PPP programs.  After the program initially stalled on launch day, it has begun lurching forward.  We have added a number of other North Carolina Banks and Credit Unions to our List. 


On April 3rd, Banks indicate that it will take time to analyze, understand, and formulate a process. There may need to be further communication with the SBA to clarify the finer aspects of the program.  They do not know how and when this will be completed and when they will begin accepting and processing applications.   Looks like banks are only going to serve their existing customers initially.

Later we will add analysis on the rule and its effect to our original post Here.

This article in Politico describes the "chaos" surrounding the rollout of these loans.

So does this article from Forbes.

And this article from Fortune



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 22, 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.