Finances and Taxes

PPP Round 2 Lenders: Who Will Participate in the New PPP?

Gusto Editors  

Applications for PPP loans are open.

Currently, the SBA portal is open only to CDFI lenders for both first- and second-draw loans.

The portal will open to all other lenders starting on Tuesday, January 19.

Other lenders may be accepting applications, but those applications won’t be processed until the SBA portal opens to all lenders.

The lender list below is being continually updated as we get more information. Check back for updates.

Just under the wire, a new bill was passed at the end of 2020 that included a fresh round of funding for PPP. So, how can your small business access the loan? 

Well, applications haven’t quite opened yet, but certain lenders have already made it known that they will be participating—and some lenders have even started accepting pre-applications. 

As we learn more about which institutions are participating in PPP Round 2, we’ll continue to keep this list updated; this is what we know, so far.

The following lenders are Gusto partners (for the full list of lenders, click on the link directly above):

Lender TypeLender
Community lenderACAP
Community lenderBlue Ridge Bank
Community lenderCommunity Reinvestment Fund (CRF)
Community lenderCustomers Bank
FintechCross River Bank
BankEastern Union
Community LenderEncore Bank
Community LenderFirst Independence Bank
FintechFunding Circle
Community lenderOneUnited Bank
Community lenderOpportunity Fund (only participating in PPP in a limited manner)
FintechSOFI lantern

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  • Saliou Diallo

    The Banking institution my company uses did not decide if they will participate in this second round, can we use a bank we do not do business with at the moment?

    • Gusto Editors

      Hi Saliou — yes, you should be able to use a new lender for the second round. However, since your current lender already has your information on file, applying through them (should they choose to partake) would be your best route.


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