Earlier today (January 8, 2021), the U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced the Paycheck Protection Program (PPP) will re-open to eligible borrowers next week.
On Monday, January 11, 2021, eligible borrowers may apply for PPP loans under the original First Draw program. Subsequently, on Wednesday, January 13, 2021, the newly established Second Draw PPP loan program will open to eligible borrowers. In an effort to prioritize and direct funds to underserved communities, for the first several days exclusive access for processing applications has been given to community financial institutions with $1 billion or less in assets. The SBA will release further guidance highlighting when other financial institutions may begin participating in the program. As of the time of this article, new and revised PPP loan application forms have not been released, but we anticipate those will be available shortly.
For more information, refer to the U.S. Department of the Treasury press releases found below.
U.S. Department of the Treasury Press Release
Paycheck Protection Progran (PPP) loan forgiveness application and calculation assistance
Dean Dorton offers Paycheck Protection Program (PPP) loan forgiveness application and calculation assistance to businesses. Our dedicated COVID-19 Solutions Team members, who have kept you abreast of all things PPP loan-related, are ready to help. Follow the link below to learn more.