SBA Announces Opening of PPP Portal
Today the Small Business Administration (SBA) and Treasury announced that the Paycheck Protection Program (PPP) will reopen on January 11.
Community financial institutions will be exclusively allowed to make first-draw PPP loans starting that day. Second-draw PPP loans will be allowed starting January 13, but again only with community financial institutions. First-draw loan means the small business has yet to receive a PPP loan; second-draw loan is for businesses applying for a second PPP loan.
The SBA has defined community financial institutions as Community Development Financial Institutions, minority deposit institutions, certified development companies and microloan intermediaries.
The PPP portal will open to all participating lenders at an unspecified date, shortly after, and remain open through March 31.
This update reflects the SBA's commitment to make at least the first two days of the PPP application window open exclusively to applications from community financial institutions that serve minority- and women-owned businesses, as reflected in their guidance from earlier this week, “Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns.”
Brown Smith Wallace PPP Loan Resources
Our team can help organizations:
- Determine eligibility for emergency loans
- Develop a strategy for accessing and utilizing the aid
- Prepare and submit your PPP loan forgiveness application
Contact us today to get started.