Question:

Which banks are still accepting loan applications and which banks have stopped or never really started?

Answer:

Wells Fargo, City National, and BBVA USA Banks have paused their application programs.

SunTrust and BB&T are merging. They are not processing anything yet just asking for customer’s names while placing them in what they call “a line”. BankUnited, Capital One, and Citizens are not processing loans yet either.

Bank of America is JP Morgan Chase, Fifth Third, Regions, and TD are issuing loans. The process is not expeditious, but you can apply to them through their programs.

Paypal has a program but you must be a merchant with a Paypal business account and the program is not widely available yet.

PNC Bank is accepting applications however, not from business with over 5 million in revenue, for those businesses you will have to fill out a contact form and hope there is money left.

U.S. Bank is taking inquiry forms and then processing applications in the order of single-owner-businesses, sole-proprietorships, LLC’s and S Corps, first.


 

Written by: Joshua H. Sheskin Esq.

 

Joshua H. Sheskin's practice focuses on employment and ADA litigation, with an emphasis on representing and defending local businesses, along with assisting them in preventing future potential lawsuits. A South Florida native, Mr. Sheskin attended the University of Miami for his Masters’ Degree, and the University of Miami School of Law, where he received his law degree with honors.

 

If you are in need of legal assistance feel free to contact Joshua H. Sheskin Esq. at jhs@lubellrosen.com or at (954) 880-9500.