PPP Loans in 2022: A List of Online Lenders and Platforms

PPP Loans in 2022: A List of Online Lenders and Platforms

Deskera Content Team
Deskera Content Team
Table of Contents
Table of Contents

Consider Savita's case. Savita suffered tremendous financial losses in her designer accessory and apparel business during the COVID-19 pandemic. She applied for several loans but stepped back because of the high rate of interest and collateral, which any banks asked her to keep in place of the loan.

She finally got a solution when the Government introduced the Paycheck Protection Program (PPP), a kind of emergency forgivable loan which was introduced by CARES - Coronavirus Aid, Relief, and Economic Security Act on March 27, 2020. The problem was: everyone was rushing to apply for this tempting SBA loan. The bank she wanted to apply for the loan from denied her application as she had no account there (which was a pre-requisite)

Finally, after doing her research on a list of banks and PPP Online Lenders, Savita chose the best one, sent her application online, and enjoyed the benefits of PPP.

Whether you're seeking financial assistance from a small business in response to a coronavirus (COVID19) outbreak, or just thinking about how to raise and expand your money, you may need a Small Business Administration (SBA) loan. On the other hand, it may be just a solution offered by banks and PPP Online Lenders.

Low-interest rate, long-term SBA loans are particularly feasible for business owners who are experiencing significant physical or economic damage from a disaster or looking to expand their business and cannot obtain other non-governmental funding.

Table of Contents:

About the PPP Loans in 2021

People who have borne the brunt of the pandemic, like employees, owners, independent contractors, and self-independent businesses, could all take a prescribed limit with the total budget assigned for PP as up to $10 million. PPP Loans are SBA unforgivable loans that can be obtained in an emergency under section 7(a) in 2020.

Amendments in PPP

According to the latest amendment in the PPP Flexibility Act of 2020, the PPP is allowed full or partial permission up to 60%, which is used for payroll, and 40% forgivable PPP to be compensating for mortgage interest rate, rent, or amount used for the utility business.

PPP loan could be deferred for 6 months (as specified earlier) until the SBA remitted the forgiven amount to your lender. Your payment can be deferred for 10 months if you are not looking for forgiveness. No collateral was necessary, and two years were given to the lenders to repay. Then it changed to five years at the previous 1% fixed rate.

Application of PPP

From May 5, 2021: Due to lack of funds, the SBA has stopped accepting PPP applications. The PPP faced hesitation from lenders, saying it needed further guidance from the Small Business Administration (SBA) and the US Treasury before processing the loan.

Thousands of banks were authorized to issue loans. Still, several SMEs who were financially impacted by the COVID 19 pandemic were having difficulty applying for PPPs through the banks’ open online portals. Besides the accessibility, many banks required a prior customer relationship with a future borrower to accept the application. Moreover, it was not possible to track the application status at all banks in the country. So, a list of PPP Online Lenders came to their help as prescribed and approved by SBA 7 (a), who were authorized to accept the application.

The Introduction of PPP Online Lenders

Many innovative PPP Online Lenders were approved to provide loans to SMEs nationwide under the Paycheck Protection Program (PPP) that officially ended on May 31, 2021. If your business needed money, all you had to do was to compare PPP loans with traditional business loans and apply online for the most lucrative option. These PPP Online Lenders have been SBA-approved and have accepted PPP loan applications while the program was open. Even after the closure of PPP, these lenders helped many by offering other government-sponsored loans.

Features of PPP Online Lenders

1. Collaboration

Several fintech companies collaborate with PPP Online Lenders to speed up the search, availability, and disbursement of loans for small businesses. Recently, PPP Online Lenders gained various achievements like extending their accessibility to the most badly affected states and industry sectors, especially during the second installment. Many industries got easy availability of PPP funds like the healthcare sector while the food, travel, and accommodation sector weren't as fortunate.

2. Immediate Assistance Through Online Means

Today, PPP Lenders have reached people across sectors and provided immediate financial assistance by filling out an online form.

We recommend checking with your local bank or current lender before reaching out to the PPP Online Lenders. But for those who have problems with a local bank or who want nothing to do with a commercial bank, you can apply for a PP loan at PPP Online Lenders, which can effectively handle your application.

3. Participation in both rounds of PPP

Many businesses turned to PPP Online Lenders (approved based on their PPP credit approval patterns) and assistance to SMEs in the United States during the pandemic. As a result, these highly regarded and top-ranked PPP Online Lenders participated in the new round of PPP loans and made it much easier for borrowers to apply.

The Best PPP lenders for loans to SMEs currently include the Bank of America, BMO Harris, City Bank, Cross Riverbank, JP Morgan Chase, Kabbage, Keybank, M & T Bank, PayPal, PNC Bank, Truist Bank, USA Bank, and Wells Fargo.

The List of Some of The Best PPP Lenders

Here is a list of the top PPP Online Lenders who offer comfort, ease, convenience, and better speed than traditional lenders, assisting small businesses regardless of location.

1. Fundera

This is one of the top-ranked PPP Online Lenders, providing a user-friendly experience. Fundera has worked with banks to raise customer credit. As an online broker or intermediary, Fundera removes the often difficult and confusing loan application process from your hands. This makes it an ideal location for processing PPP loan applications. Fundera is known to be great with handling the 2nd round of PPP applications and collaborates with two banks, Cross Riverbank and First Home Bank, to process the applications.

2. Square

SBA approves three Fintech Companies to process as PPP Online Lenders - PayPal, Intuit, and Square. This lender may have encountered fewer requests but was even accepting applications when the other two stopped. So, several borrowers depended on Square for easy processing of PPP loans.

3. PayPal

One of the most convenient PPP Online Lenders accepts claims through the Loan Builder Program. The loan application is processed through WebBank, the FDIC's insured lender, who has established the process of applying for and obtaining forgiveness in PPP. PayPal is renowned for processing and servicing loan applications in record time with its customer-friendly features and robust infrastructure.

4. Intuit

Approved by SBA, Intuit has the official authority among the other PPP Online Lenders to accept and approve a PPP loan application.

5. Boefly

The New York-based Connect One Bank was one of the first to offer a PPP loan. Boefly is one of the PPP Online Lenders that is backed by this band that has conveniently helped many with their PPP applications and communicated very well with their clients throughout the process. This is a relatively small firm not very well-equipped to handle a massive number of applications, but the customer service of Boefly was highly impressive. They have a very clear process to initiate the PPP application and borrowers didn’t face any technical or physical issues regarding their loans

6. Lendio PPP Online Lenders

They have an online lending market with a network of over 300 SBA-approved financial institutions and online lenders to help SMEs secure funding. Lendio promoted an $8 billion PPP loan through funding for the CARES Act in 2020 and participated in the second round as well. You only had to submit your PPP loan applications on the Lendio website. Once the 2021 program was officially launched, an application submitted to the PPP lender could get you access to PPP funding easily in a hassle-free process.

7. Brex PPP Online Lenders

It provides financial management services to start-ups and established technology companies, provided access to PPP loans through Womply.

8. Womply

This fintech company is one of the best PPP Online Lenders that provide digital business solutions such as marketing, customer review support, invoice payment, and the PPP Loan Facility

9. Divvy

These PPP Online Lenders are in partnership with the Cross Riverbank and affiliation with Lendio which were open for PPP applications throughout 2021.

10. Harvest Small Business Finance

These PPP Online Lenders are a subsidiary of Medalist Partners that are known for offering Real Estate Loans. Officially termed as a non-banking SBA 7 (a) Lender, Harvest Small Business Finance provides commercial mortgages and offered PPP loans in the first and second round

11. SmartBiz

SmartBiz is one of the leading and prolific PPP Online Lenders that offer SBA and bank loans and simplifies the process of applying for these types of loans. It has not participated in accepting applications for the new round of PPP funding, but its website has a downloadable preparation list of the documents needed to apply for a PPP loan.

12. Reliant Funding PPP Online Lenders

Reliant funding collaborated with Biz2 Credit to promote PPP loans for small businesses early last year with its thriving website popular among businesses accepting applications for this round.

13. Credibly

This is one of the most popular PPP Online Lenders that offer working capital loans, dealer cash advances, business expansion loans, and other lending solutions. By providing these COVID 19 Relief Loans directly to the enterprise, they have ensured successful participation in the PPP first round and EIDL loans.

14. Ready capital

Ready Capital, among SBA's preferred PPP Online Lenders, recently offered PPP loans accepting online applications. It is a part of the LLC - ReadyCap Lending, which is a commercial real estate lending company.

15. OnDeck PPP Online Lenders

This organization helped borrowers in the first round but did not participate in the second round as claimed by their website. It has helped many small businesses with relevant information about the PPP program but does not seem to be participating in the new round.

16. BlueVine

These PPP Online Lenders offer online business finance solutions such as credit business lines, invoice finance, and corporate check accounts. BlueVine is one of the most effective and swift non-banking PPP Online Lenders that participated in the new PPP round. It has a well-serviced website that gives out the relevant information about PPP eligibility to all borrowers, enabling them to meet the new PPP loan rules and requirements.

17. Kabbage

One of the leading fintech PPP Online Lenders was first in line to offer PPP loans to SMEs. Acquired by American Express, it offers existing loans through the new company K Servicing. The website states that borrowers who receive a PPP loan through Kabbage PPP Online Lenders can apply for a second draw loan.

18. Celtic Bank

This is one of the Utah-based largest PPP Online Lenders and originators of SBA loans. Also, it gives easy access to borrowers to apply for SBA loans online along with relaxed borrower requirements.

19. Lantern by SoFi

Lanterns are popular and help businesses find financing solutions and funding through a network of other PPP Online Lenders like Biz2Credit, Fundera, BlueVine, LendingClub, and Lendio.


PPP Online Lenders offered a sigh of relief to many small businesses, employees, and start-ups during the pandemic to sail through financial difficulties. Some of the best and officially authorized PPP Online Lenders that we have listed above played a key role in supplying PPP loans in both, the first and second PPP rounds.

PPP Online Lenders made the application, processing, verification, documentation, and disbursement process extremely simple and hassle-free for many. Banks set more rigid conditions and were extremely crowded, but with the authorization of the top-notch PPP Online Lenders, the benefits of PPP could be enjoyed by many during the COVID-19 economic slowdown.

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Key Takeaways

  • The legislation regarding PPP and other aids like Economic Injury and Disaster Loans (EIDL) programs, Shuttered Venue Operator (SVO) Grants, and forgivable EIDL Targeted Advances, came into effect on December 27, 2020
  • The PPP Extension Act signed by President Biden on March 30, 2021, extended the application deadline for PPP loans to May 31, 2021, and the coverage period for PPP loans to June 30, 2021
  • PPP loans are provided by banks and approved PPP Online Lenders while the EIDL loans and SVO grants are government-funded
  • Many PPP Online Lenders have been authorized to provide guaranteed loans under SBA Business Expansion Loans
  • PPP Online Lenders can also delve into other SBA programs like7(a) Debt Relief Loans, express bridge loans, loan deferrals, and more
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