The SBA recently announced it will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021, at 9 a.m. ET. The portal will fully open on Tuesday, January 19, 2021, to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
Below are a few helpful resources for those with questions regarding this funding:
- The Treasury’s dedicated PPP page
- First Draw Paycheck Protection Program Loan Increases After Enactment of the Economic Aid Act
- How to calculate maximum loan amounts for First Draw PPP loans and what documentation to provide- by business type
- PPP – Loan Forgiveness Application and Instructions – Form 3508 (1/19/2021)
- PPP – Loan Forgiveness Application and Instructions – Form 3508EZ (1/19/2021)
- PPP – Loan Forgiveness Application and Instructions – Form 3508S (1/19/2021)
- Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (1/19/2021)
- The SBA’s PPP Second Draw Borrower Application Form
- Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (1/19/2021)
*More links have been added as of January 22, 2021
As always, our experts are here to help. Contact us today with questions or to discuss your specific situation.
The information and advice we are providing for this matter relates to COVID-19 legislative relief measures. Because legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that could modify some of the advice and information provided to you, after the conclusion of our engagement. We, therefore, make no warranties, expressed or implied, on the services provided hereunder.