Paycheck Protection Program Opens to All Lenders
Starting today, January 19th, the Paycheck Protection Program (PPP) re-opens to all PPP-eligible lenders. Applications for first and second draw loans can be submitted to the US Small Business Administration (SBA).
The SBA granted dedicated PPP access to Community Financial Institutions (CFIs) on January 11th and then access to small lenders on January 15th. The smaller lenders have dedicated service hours to ensure small businesses receive the emergency financial support they need.
First draw PPP loans are for borrowers who haven’t received a PPP loan before August 8, 2020. Second draw PPP loans are for eligible small businesses with under 300 employees, that previously received a PPP loan and will use or have used the full amount for authorized uses, as well as showing 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.
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