SBA reopens PPP loans

      The Small Business Administration reopened the Paycheck Protection Program loan portal to all lenders on Jan. 19 for receipt of First Draw and Second Draw loan applications to SBA. The Second Draw program allowing second loans for previous borrowers recently was approved by Congress.

      On Jan. 15, the portal was opened to lenders for the underserved, including Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries.

      First Draw PPP Loans are for borrowers who did not receive a PPP loan before Aug. 8, 2020. Second Draw PPP Loans are for eligible small businesses with up to 300 employees, that previously used the full amount of their PPP loans, and had at least a 25% reduction in gross receipts in 2020 vs. 2019.

More information:
Guidance:
Forbes story: https://bit.ly/36eUfHK
Lowenstein Sandler LLP statement: https://bit.ly/3qV2Lni
PilieroMazza client alert: https://bit.ly/3okGqxy
Applications:
SBA application: sba.gov/ppp
Treasury CARES site: treasury.gov/cares

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