Small Business Association is Re-Opening the Paycheck Protection Program to Small Lenders beginning today Friday, January 15 for
Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications today.
The portal will fully open on Tuesday, January 19, 2021 to all participating Paycheck Protection Program lenders to submit First and Second Draw loan applications to SBA.
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.
Updated PPP Lender forms, guidance, and resources are available at www.sba.gov/ppp.