PPP is Now OpenJanuary 9, 2021
On Monday, Jan. 11 the Paycheck Protection Act began its tiered roll-out, starting with community financial institutions and ending with large banks. The tiered roll-out is scheduled to operate as such:
- On Monday, Jan. 11, only community financial institutions were able to start taking first-draw PPP loans (these are smaller banks, credit unions, CDFIs, CDCs and basically any other lender with less than $1B in assets);
- Today, Wednesday, Jan 13, these same institutions will be allowed to start taking applications for second-draw PPP loans;
- While no definitive date has been identified for larger banks to open their application process, it is expected later this week–potentially as early as Friday–but an announcement from SBA on that front is imminent.
This tiered roll-out is designed to serve those hardest hit first, as dictated by the legislation overseeing this new round of PPP. SBA is not automating loan number generation as they did before – meaning the process may take a bit longer to protect against fraud in order to give SBA a bit more oversight on the applications.
SBA has posted applications on their website here:
Please visit NSBA’s COVID-19 page for additional resources and updates.
SBA has a great deal of good information on their website as well if you have questions. You can see a list of approved SBA lenders here.