PPP Loan - Banks Accepting Applications
If your bank is not offering Paycheck Protection Program (PPP) Loans, consider the following Colorado and national lenders that are accepting applications from non-customers or may work with new customers on a limited basis. You can also use this SBA search tool to find PPP Loan lenders in your area.
Lenders Accepting PPP Loan Applications in Colorado and Beyond
Updated Monday, April 21
- Alpine Bank: must have established a business checking account prior to April 3, 2020; not currently accepting new PPP Loan applications
- Bank of Colorado: Will accept applications from bank contacts
- Citizens State Bank: Regional only; online application pending; please call one of their branches to discuss process
- Community Banks of Colorado
- First Southwest Bank: Will accept applications from new clients; do not believe they require you set up an account with them other than the loan
- Four Corners Community Bank: Accepting limited applications from new clients
- TBK Bank: Accepting limited applications from new clients
- US Bank
- Vectra Bank: Accepting limited applications from new clients
Note: Information and requirements may change daily with these banks; we will update this list as we receive new information.
4/24 Update: Additional PPP Loan & EIDL Funding Will Be Available
On April 24, the President signed an "interim" $484 billion stimulus bill that includes an additional $310 billion for the Paycheck Protection Program, $60 billion of which will be reserved for community lenders. The bill also includes $60 billion for the Economic Injury Disaster Loan Fund and Emergency Grants.
If you're still waiting for help, here are some great tips from the CO Office Economic Development & International Trade (OEDIT):
- If your PPP loan was already in the queue at a bank, check in with your lender to ensure all paperwork is correct and in place.
- If your EIDL application was already submitted, check the status of your application by contacting SBA at 1-800-659-2955 or firstname.lastname@example.org.
- If you have not started working with a bank yet, research available lenders to identify your potential provider. Find an eligible lender.
- Set up a separate bank account for relief funds.
- Prepare your paperwork, including average monthly payroll calculation (inclusive of eligible health care and retirement contributions).
- Ensure that the 8-week disbursement plan complies with approved program expenditures to maximize your loan forgiveness.
- Reach out to your CPA for guidance and support to resolve any lingering questions that could delay your loan application when the lending windows open with additional Congressional appropriations.
Disclaimer: This information is provided as a self-help tool and does not constitute legal or financial advice. Laws, regulations and lending products are changing daily and decisions as to whether or how to use this information and/or what actions to take in response to the COVID19 Pandemic are solely those of the employer. The providers of this information disclaim any and all responsibility and liability for its accuracy, completeness or fitness for your particular business purposes.