Thread by @Zachary

🚨The SBA will restart PPP on Monday. Lenders targeting underserved communities will have exclusive access to offer loans to new borrowers Monday and Tuesday. They will then be able to offer second loans to existing borrowers Wednesday. PPP will open widely a few days later

The lenders that will have exclusive access to offer PPP loans next week include community development financial institutions and minority depository institutions. The pool of banks make up about 10 percent of the lenders participating in the program

Trump administration officials want to get the word out that there will be enough funding to meet demand for the first and second PPP loans and that money will not run out like last time

PPP approval will be slower than last time, when it was nearly instantaneous. The SBA will run additional automated data verification checks, and so borrowers may have to wait overnight to get the OK. There will be manual review if those checks turn up issues

In a big change for banks, SBA expects to use a new software platform for lenders to submit loan applications. The SBA's E-Tran system, which was prone to glitches last year amid overwhelming demand, will not necessarily be what banks see on the front end as they submit apps

Borrowers that want a 2nd PPP must show a 25 percent quarterly revenue loss in 2020 from 2019. The SBA is streamlining that for loans under $150k. It will not require supporting documentation to be submitted with the application but only later when applying for forgiveness

Businesses trying to show the quarterly 25pc revenue drop for 2nd PPP loans can cite an annual reduction of 25pc and submit copies of annual tax forms to verify. SBA and Treasury say this will help small borrowers that may not have quarterly revenue information readily available

Because people are asking: You can apply for your first PPP loan this year if you didn't get one last time. Congress dedicated $35 billion to first-time borrowers

The types of lenders that will have early access to PPP next week are community development financial institutions, minority depository institutions, certified development companies and microlender intermediaries

When you apply for a 2nd PPP larger than $150k, you will have to submit docs showing the revenue drop. "Such documentation may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements"

Big banks expect to be able to offer PPP loans the week of Jan. 18, according to @ConsumerBankers, which represents large lenders including JPMorgan Chase, Bank of America and Wells Fargo