PPP reopening for more lenders tomorrow

The SBA said it will reopen the Paycheck Protection Program loan portal to PPP-eligible lenders with $1 billion or less in assets at 9 a.m. (Eastern time) tomorrow, Jan. 15. The reopening applies to both first- and second-draw applications.

The portal will fully open to all participating PPP lenders on Tuesday, Jan. 19. The SBA also said it plans to have dedicated service hours for smaller lenders after the portal fully reopens.

The SBA also on Wednesday issued a new procedural notice on first-draw PPP loan increases following enactment of the Economic Aid Act. The guidance lays out the process for applying for increases in previously approved first-draw loans and how lenders can obtain the additional processing fee.

The SBA has released forms and guidance for the next round of PPP lending, including instructions for accessing the updated lender portal, forms for first- and second-draw loans, and procedural notices on approved lender status and reimbursing lenders for EIDL advances deducted from forgiveness amounts.

These and other resources are available on the SBA and Treasury PPP pages, ICBA's PPP and EIP News page, the Independent Bankers Association of Texas's matrix of PPP updates in the stimulus law, and ICBA's summary of the stimulus package's community banking provisions.