News Flash

Home - News Carousel

Posted on: January 13, 2021

SBA Re-Opens PPP to Community Financial Institutions First

SBA PPP update

Starting today, community financial institutions (Community Financial Development Institutions, Minority Depository Institutions, Community Development Corporations or Microlenders) can submit First Draw PPP loan applications to the SBA and on Wednesday, they will be able to submit Second Draw PPP loan applications. Just a few days following, the PPP will re-open to all participating PPP lenders for First and Second Draw PPP loans.

Updated PPP Loan Applications and Process Details

Updated applications have been released for First Draw and Second Draw PPP loans. PPP applications must go through participating PPP lenders, who then route them to the SBA for approval. Per this guidance, the SBA continues to call upon our lending partners to assist eligible borrowers in underserved and disadvantaged communities and address potential barriers to access to capital.

Application: First Draw PPP Loan

Application: Second Draw PPP Loan

If you are seeking economic aid via the PPP, we encourage you to start communication with your lender now to understand the financial institution’s processes.

What’s a First Draw PPP Loan and a Second Draw PPP Loan?

In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts.

Overview: First Draw PPP Loan

Overview: Second Draw PPP Loan


Additional Info...
Facebook Twitter Email

Other News in Home - News Carousel

COVID-19

Coronavirus (COVID-19) Information

Posted on: March 3, 2020
IDFPR

COVID-19 Consumer Resources

Posted on: March 30, 2020
STERIGENICS INFORMATION

Sterigenics Information

Posted on: May 29, 2019