FINAL ROUND OF PAYCHECK PROTECTION PROGRAM LOANS
Information from the Final Round of Paycheck Protection Loans
The PPP program will end on August 8th, but there is still time to apply.
Banks still accepting PPP applications (7/14):
Truist (merger of SunTrust/BB&T) cuts off applications at 6pm today (July 24th). All additional required documentation must be completed, uploaded, and submitted by 6:00 pm ET on July 31, 2020.
Wells Fargo is still accepting applications from eligible small business and non-profit customers.
First Citizens has no information on their website.
Bank of America cuts off applications at 5pm today (July 24th). Applicants must provide all required supporting documentation (this does not include promissory notes) by 5 p.m. ET on July 31 in order for their application to proceed. They will end all application processing at 5 p.m. ET on August 7. Clients who applied for, but who have not received an SBA loan number by the time of the SBA’s August 8 cutoff, will be notified their application will not be processed and has been cancelled.
PNC Bank is still accepting applications through online banking for existing customers only. (PNC reserves the right to stop accepting PPP applications at any time, dependent upon the number of applications submitted, processing capacity and SBA allocated funding.)
Woodforest Bank is still accepting applications.
The Fidelity Bank has no information on their website.
Fifth-Third Bank is posting a message with no information about application. ("Given the overwhelming number of applications already submitted to Fifth Third Bank and other lenders across the United States, and the limited dollars available through the SBA Paycheck Protection Program, it is highly likely that not every qualified applicant will receive funding. An application has no guarantee of receiving funding if the resources allocated to the Paycheck Protection Program run out.")
First Horizon Bank will continue to accept applications until the end of day on Tuesday, August 4, 2020.
Pinnacle Financial Partners is accepting applications.
HomeTrust Bank is still accepting applications in a partnership with Kabbage.
Peoples Bank is still 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 still accepting new applications for PPP loans from TD Bank business Customers.
Uwharrie Bank (Charlotte area) is asking current customers to contact their relationship manager.
Towne Bank (Northeast NC) is accepting applications from customers with an existing business banking relationship with TowneBank.
American National (Greensboro area) is accepting applications through August 5th.
Mechanics & Farmers may be accepting applications, but has not updated their website.
Regions Bank (Charlotte) is accepting applications for PPP loans from Regions customers who established a business banking relationship on or prior to March 1, 2020. They expect to accept these applications until 5:00 p.m. CT Friday, July 31, 2020, but that deadline is subject to change without notice.
North State Bank (Raleigh and Wilmington) is accepting application from business banking customers with an active North State Bank relationship and from businesses located in a community we serve that is interested in becoming a relationship banking customer.
Aquestra Bank (Charlotte) has not updated their information page and is not accepting applications.
Skyline National Bank (Northwest NC) contact loan officer.
Park National Bank (previously Carolina Alliance Bank)(Asheville) has no information.
Amerisbank (Mortgage offices in NC) does not indicate whether it is still accepting applications.
U.S. Bank (Charlotte) is accepting applications.
Chase (Charlotte) is accepting applications through August 3rd.
Live Oak Bank (Wilmington) has no information on their website.
Banks who are not accepting applications:
First National Bank is no longer accepting PPP applications at this time.
Crescom Bank is not accepting new Paycheck Protection Program (PPP) applications, "due to the current volume of PPP applications we have in queue and the limited funds available."
United Community Bank (Western NC) is not accepting applications
Carter Bank & Trust is not accepting additional Paycheck Protection Program (PPP) applications at this time, due to the extremely high volume of requests currently in process.
Bank OZK is not accepting new applications.
SouthState Bank is no longer accepting applications.
Atlantic Union Bank (Raleigh and NE NC) is no longer accepting applications.
Alliance Bank (Gastonia area) appears to no longer be accepting applications.
Other Banks which have no information on their websites:
FSNB (in certain Wal-Marts in Eastern NC)
Lumbee Guaranty Bank (Lumberton)
Entegra Bank (Western NC)
Farmers & Merchants Bank (Salisbury)
Piedmont Federal (Winston-Salem)
United Bank [formerly branches of Carolina Trust Bank] (Lake Lure, Hickory)
KS Bank (Raleigh area)
First Federal (Raleigh area)
Dogwood State Bank (Raleigh and the Coast)
Surrey Bank (Mount Airy)
Providence Bank (Rocky Mount)
First Community Bank (Northwest NC)
Lifestore Bank (Northwest NC)
Bank of Oak Ridge (Greensboro)
Blue Harbor Bank (Charlotte)
First Carolina Bank (Raleigh)
First Federal Savings Bank of Lincolnton (Lincolnton)
Pacific Western (Durham)
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 jamesk@asklawnc.com.
Credit Unions, Fintechs, and others with SBA connections
United Federal Credit Union has no information on their website.
Self-Help Credit Union will accept applications through July 31.
Navy Federal Credit Union has no information on their website.
Coastal Federal Credit Union appears to be accepting applications.
Mountain BizWorks is no longer accepting new applications under the SBA Paycheck Protection Program (PPP).
Fountainhead SBF, a non-bank lender, is processing PPP loans.
Kabbage, a non-bank lender, is processing PPP loans.
Lendio, a non-bank lender, is processing PPP loans.
Fundera, a non-bank lender, is processing PPP loans.
Fundbox, a non-bank lender is processing PPP loans.
Paypal did not accept applications after June 30.
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: July 24, 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.
