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.

Portal Opening

• 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

• PPP Lender Instructions – Origination Systems User Guide
• PPP Lender Instructions – API Technical Information
• SBA PPP Lender Hotline: 833-572-0502
• More PPP Platform Resources

Updated First Draw Forms

• Form 2483 – First Draw Borrower Application
• Form 2484 – First Draw Lender Guaranty Application

Second Draw Forms

• Form 2483-SD – Second Draw Borrower Application
• Form 2484-SD – Second Draw Lender Guaranty Application

Guidance & Resources

• Top-Line Overview of First Draw PPP Loans
• Top-Line Overview of Second Draw PPP Loans
• Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only)
• Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement

These announcements follow the SBA's previous release of:

• An interim final rule on the amended PPP.
• An interim final rule on second-draw PPP loans.
• Guidance for minority-, underserved-, veteran- and women-owned businesses.

More information is available here:

• An interagency PPP webinar is scheduled for 2 p.m. (Eastern time) today.
• A recording of Friday's ICBA Community Bank Briefing.
• The SBA and Treasury PPP pages.
• An Independent Bankers Association of Texas matrix of PPP updates in the stimulus law.
• ICBA's summary of the stimulus package's community banking provisions.