NEW: SBA will re-open the #PaycheckProtection Program loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on ๐๐ฟ๐ถ๐ฑ๐ฎ๐, ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ญ๐ฑ ๐ฎ๐ ๐ต ๐ฎ๐บ ๐๐ง.
The portal will fully open on ๐ง๐๐ฒ๐๐ฑ๐ฎ๐, ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ญ๐ต to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions.
Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week.
First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, helped 5.2 million small businesses keep 51 million American workers employed.
Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan...
...and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.
โถ๏ธUpdated PPP Lender forms, guidance, and resources are available at sba.gov/ppp and treasury.gov/cares
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