As part of the CARES Act, the Paycheck Protection Program authorizes forgivable loans from SBA lenders to small businesses to keep their employees on the payroll and to help pay for other costs associated with keeping the business operating, such as the cost of utilities, during the COVID-19 crisis. Currently, only small businesses and sole proprietorships can apply for this program. The other good news is that Congress also included independent contractors and self-employed individuals, who may also begin applying starting Friday, April 10.
You must apply through an existing SBA lender or through any federally insured depository institution, credit union, or Farm Credit System institution that is participating.
Things are moving fast as businesses take advantage of this new program. The list below is therefore a snapshot of financial institutions who are offering SBA products as of Tuesday, April 7, 2020. Your Chamber Team has reached-out to each one of the listed financial institutions, and some currently provide all SBA loan products, some require you be to a current client in order for them to provide assistance, others are providing only certain SBA product processing, and still others have halted processing due to the incredibly high demand. Given that the landscape is changing rapidly, please contact your financial institution directly for their conditions and requirements.
Amegy Bank, N.A.- SBA products
Bank of America - Current products offered with limitations
Bank of San Antonio - All products
Bank OZK - All products
BBVA Compass San Antonio - Temporarily halted processing due to high demand
Branch Banking & Trust (BB&T) - Currently offering PPP loans
Broadway Bank - High volume has caused current customer focus at this time
Capital One - Offering PPP application processing for existing business clients
Chase - Only processing current members as of 2/15/2020
Citi - Products offered with exceptions
Citizens State Bank - Products with limitations
Comerica Bank - Products with limitations
Credit Human - Providing SBA loan products
East West Bank - Products offered with limitations
Frost - Offering SBA loan products to existing customers
Generations Federal Credit Union - Only helping current members with PPP
IBC Bank - Providing SBA Loan products
Jefferson Bank - Providing PPP loans for current customers
JPMorgan Chase - PPP loans for Chase customers only, call 210-340-1578
Lone Star Capital Bank - Products offered to existing clients only
Navy Federal Credit Union - Austin Hwy - Need a business account for SBA and PPP
Pioneer Bank - Only for people in Texas, new and existing customers
PlainsCapital Bank - Existing customers only
Randolph Brooks Federal Credit Union - Doing SBA (business members only) but not PPP
Regions Bank - Existing customers at this time, call main number at 210-998-5676, alternate number at 210-998-5678
River City Federal Credit Union - All products currently
Security Bank - Existing customers only- request to speak to Joanna
Security Service Federal Credit Union - Offering products to existing members with business accounts
Spirit of Texas Bank - Products offered with limitations
Texas Capital Bank - SBA products offered, must apply through website
Texas Heritage Bank - Products offered with limitations
TransPecos Bank - Products offered through website application process
United Texas Credit Union - Only accepting applications from existing members
Vantage Bank Texas - Products offered with limitations
Wells Fargo Bank N.A. - Products offered, but PPP cap reached
As always, we remain committed to sharing any and all information we can to make these troubled times easier for all our business members, large and small. To that end, we wanted to share the Coronavirus Small Business Guide, which is a helpful tool from the U.S. Chamber of Commerce that includes a special section on the Payroll Protection Program.
Please know things will get better. We must use the Cares Act resources to stabilize our businesses and get us ready for when we get past this nasty epidemic. We are here to help. Stay safe and stay vigilant!
Richard Perez
President and CEO
San Antonio Chamber of Commerce