Last night, the SBA and Treasury announced the latest set of dates to apply for first-time and second draw Paycheck Protection Program (PPP) loans.
As a reminder, the PPP program officially reopened Monday, January 11, but only to lenders designated as community financial institutions (CFIs) that serve minority- and women-owned businesses.
Now the SBA is expanding the pool of eligible lenders. Lenders with $1 billion or less in assets will be able to begin submitting loan applications for first-time and second draw loans on Friday, January 15 at 9:00am.
Larger lenders with more than $1 billion in assets will be able to begin submitting applications for first-time and second draw loans on Tuesday, January 19.
The closing date for this latest iteration of the PPP is March 31, 2021.
Earlier this week, the SBA released new loan application forms:
Form 2483 - Paycheck Protection Program Borrower Application Form is intended for use by borrowers who are applying for a PPP loan for the first time.
Form 2483-SD - PPP Second Draw Borrower Application Form is intended for use by borrowers who previously took out a PPP loan and are applying for a second time (i.e., a second draw).
Along with the application forms, the SBA and Treasury published top-line summaries of first draw and second draw PPP loans as well as two procedural notices:
- Top-line overview of first draw PPP loans
- Top-line overview of second draw PPP loans
- Procedural Notice - Modifications to SBA Forms 3506, 3507, and 750 CA (PPP only)
- Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement
We anticipate that additional news and guidance about the program will be forthcoming. We will continue to monitor these developments and provide more information as it becomes available.
As always, if you have any questions about these or any other matters, please contact your Kreischer Miller relationship professional or any member of our team. For additional news and resources, visit our COVID-19 Resource Center here.
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