SBA issues PPP resources ahead of launch
The SBA on Friday and over the weekend released a series of forms and guidance for the next round of Paycheck Protection Program lending starting for certain lenders today.
The releases include instructions for accessing the updated portal that lenders will use to submit applications and originate loans, as well as updated or new application forms for both “first draw” and “second draw” loans. Procedural notices also cover the automatic extension of approved lender status and the process SBA will use to reimburse lenders for EIDL advance amounts that were deducted from forgiveness.
- In an announcement Friday and separate message Sunday, the SBA said the PPP loan portal will open at 9 a.m. (Eastern time) today for new borrowers and certain existing PPP borrowers.
- Only certain community financial institutions will be able to make first-draw PPP loans today and second-draw PPP loans this Wednesday, Jan. 13.
- The Economic Aid Act sets aside $15 billion of the new PPP funding for “community financial institutions.”
- These are defined as Treasury-certified Community Development Financial Institutions, FDIC-designated Minority Depository Institutions, Certified Development Corporations, and certain non-profit or governmental microloan intermediaries.
- Therefore, not all community banks are eligible for access today.
- The PPP will open to all participating lenders shortly thereafter.
New Portal User Guides
Updated First Draw Forms
Second Draw Forms
Guidance & Resources
These announcements follow the SBA's previous release of:
More information is available here: