Through the Small Business Administration, banks are offering the Paycheck Protection Program or PPP loan for businesses to be able to cover payroll costs during the pandemic.

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The PPP loan has two versions. One for businesses that has employees and one for sole-proprietors with no employees.

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The loan can be forgiven after a certain period. The forgiveness application must be obtained from the bank that issued the loan.

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If you cannot obtain a loan from your local bank or do not meet their criteria, here are some alternative banks that may issue the loan, subject to their terms:

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Kabbage Bank/K Servicing

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Currently the bank is only serving customers that obtained the first round of PPP loan in 2020, but you can still sign up on their waiting list

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PayPal/ Loan Builder

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If you're a business that uses PayPal products and services, you may be able to obtain the PPP loan from their third party provider.