Some banks are already taking PPP applications. Here's how to know which lender to use.

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• The SBA is in the midst of opening applications for a fresh round of Paycheck Protection Program (PPP) loans to help small businesses weather the next few months of the pandemic.
• The schedule for when applications open is a little more complicated this time around as the federal government is trying to make sure underserved business owners are treated more equitably.
• When you can apply depends on which bank you use. We broke down your options below.
• It's best to start by checking with the bank where you hold a business account.
• Visit Business Insider's homepage for more stories.

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Small businesses weathering the pandemic are on the brink of receiving federal relief.

The Small Business Administration (SBA) is in the process of opening applications for the latest round of Paycheck Protection Program (PPP) loans designed to help entrepreneurs endure the crisis. However, the process will look different this year as the federal government tries to right the wrongs of 2020's program.

This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

The first rounds of PPP loans received strong criticism for not prioritizing microbusinesses, entrepreneurs from underserved communities, or founders of color. The renewed program offers tiered application dates so smaller businesses can apply before larger ones. What's more, the process is divided by lenders to ensure companies in underserved communities get access to aid.

"The SBA has learned quite a bit since the first round and should bring more clarity to the process this time," Greg Ott, CEO of Nav, told Insider. "A larger group of participating lenders in round two will also be beneficial for a smoother rollout."

The schedule for when applications open is a little more complicated this time around. Here's what you need to know.

Community lenders are open now

As part of the newly-approved $284 billion small business aid package, about 5,000 small lenders began accepting applications this week.

This includes community development financial institutions, which are banks or credit unions that focus on serving individuals in low-income communities that have been ignored by financial institutions (searchable database here).

It also includes minority depository institutions, which are banks or financial institutions owned or directed by members of minority groups (list here).

Small banks are open now

The PPP lender portal is already open to institutions with less than $1 billion in assets — meaning anything the lender can convert into cash. It includes local and regional banks and excludes prominent lenders like Bank of America and JPMorgan Chase. Applications for first- and second-time borrowers opened at these lenders on Friday, January 15.

The SBA has a lender match program for business owners looking for guidance.

Big banks will open on January 19

Applications through big banks and traditional lenders, such as Bank of America and Wells Fargo, open on Tuesday, January 19, for first-time and second-time PPP borrowers.

These are the banks that probably have an ATM or branch located in your town. Most will require that you have an existing business account to apply and some won't allow you to open one hours or days before you apply. Some banks may also not allow you to apply for a second PPP loan through them, if you already received your first loan through another lender.

Here's a list of participating banks:

• Wells Fargo — Must have a business checking account opened on or before December 1, 2020. Get more information here.
• Bank of America — Get more information here.
• JPMorgan Chase — You will need an active business checking account. Get more information here.
• Citibank — Get more information here.

We will update this list as we receive more information.

Tech platforms will open as early as January 19, but some have pre-applications now

Fintechs like Square and Kabbage will be able to open their applications the same time as the big banks on Tuesday, January 19, however each company will have different requirements and timelines. For example, you can fill out pre-applications at Bluevine, CrossRiver, and Biz2Credit now to get a headstart on your application.

There are advantages to using a fintech company for your PPP loan. With technology on their side, they are typically able to process loans faster and upon approval, get your money into your pocket sooner.