Paycheck Protection Program (PPP) Resource Page
Axos Bank is committed to helping businesses facing the unprecedented challenges posed by COVID-19. One way we are assisting is by processing applications received from qualified businesses to participate in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).
Funding for the first round of PPP loans was depleted on April 16, 2020, but the U.S. government has since approved an additional $320 billion in funding. The SBA has announced that it will resume accepting PPP loan applications on Monday, April 27, 2020.
Once the SBA reopens its PPP submission portal, Axos Bank intends to submit (i) applications previously completed which we were unable to submit when the first round of funding was depleted, and (ii) new applications.
If You Wish to Submit a PPP Application
Axos Bank is pleased to accept new PPP applications from any business that qualifies and has not yet applied for a loan through this program. You do not have to be a current Axos customer to apply*. To get started, please follow these steps:
1. Complete our online PPP application form and attach all documentation required.
2. Open a Basic Business Checking Account*, which you may use to make payroll and other eligible payments using the proceeds of your PPP loan. This step is required to move forward. (IMPORTANT: Make sure to use promo code AXOSCARES when opening your Basic Business Checking Account.) Please be advised that you may be required to open one additional account for the initial deposit of funds if your application is approved for submission to the SBA portal.
If you have any questions regarding PPP, you can reach a specialist at (888) 965-1106.
If You Submitted a PPP Application That Has Not Yet Been Approved
Axos Bank has continued to process applications previously received which could not be uploaded to the SBA portal once the initial round of funding was exhausted. When the SBA portal is reopened, we will submit these applications to the SBA to the extent they qualify for funding. Please continue to check your email inbox for communications from Axos Bank regarding your PPP loan application.
If You Submitted a PPP Application That Has Been Funded
Congratulations! As a reminder, Axos Bank has developed an online portal where you will be able to request reimbursement or disbursement of your funds. Visit the portal to learn more about this process.
Important information about the PPP is available on the SBA website. The SBA and the Department of the Treasury have also published PPP FAQs that are updated frequently, and we recommend all current and prospective applicants refer to them periodically.
Please note, with the significant volume of applications already submitted, it is possible not every qualified applicant will receive loan proceeds under the PPP, even with the authorized additional funding.
*Note: Even if you have an existing Basic Business Checking Account with us, you will be required to open another Basic Business Checking account specifically for the PPP program.