SBA Re-Opening PPP to Small Lenders on Friday, All Lenders on Tuesday
SAN JUAN – The U.S. Small Business Administration (SBA) has announced it will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, Jan. 15 at 9 a.m. EST. The portal will fully open Tuesday, Jan. 19 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs), which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries “as part of the agency’s ongoing efforts to reach underserved and minority small businesses,” the news release reads.
On Friday, SBA will open to approximately 5,000 more lenders, including community banks, credit unions and farm credit institutions. Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week.
“A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continuing weathering this time of uncertainty,” said SBA Administrator Jovita Carranza. “SBA has worked expeditiously to ensure our policies and systems are re-launched so that this vital small business aid helps communities hardest hit by the pandemic. I strongly encourage America’s entrepreneurs needing financial assistance to apply for a First or Second Draw PPP loan.”
First Draw PPP Loans are for those borrowers who have not received a PPP loan before Aug. 8, 2020. The first round of the PPP, which ran from March to August 2020, “was a historic success helping 5.2 million small businesses keep 51 million American workers employed,” the agency said.
Second Draw PPP Loans are for eligible small businesses with 300 employees or less, “that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million,” according to the SBA.
More SBA news
- SBA: 1.1 Million PPP Loans Forgiven So Far
Totaling Over $100 Billion SAN JUAN – The Small Business Administration said Wednesday it has forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for more than $100 billion in relief to businesses three months since the earliest…
- Posted January 13, 2021
- SBA Awards Puerto Rico Trade & Export Co. $385K To Expand Opportunities For Small Businesses
Funding comes from part of State Trade Expansion Program
- Posted September 29, 2020
- SBA, Treasury Release Paycheck Protection Program Loan Data
Application deadline extended to Aug. 8
- Posted July 6, 2020
- SBA: Paycheck Protection Program Loan Funding Still Available For Puerto Rico, USVI
Loan Forgiveness Application Released
- Posted May 18, 2020
- SBA Urges Businesses To Vie For Remaining $100 Billion In PPP Funding
More than 20,000 SMEs in Puerto Rico, USVI benefit from $1.1 billion in Covid-19 emergency loans
- Posted May 7, 2020
- After False Start, Puerto Rico Credit Unions Enter Race For Second Round Of SBA Emergency Loans
Despite obstacles, issue $9 million in PPP financing to SMEs
- Posted May 3, 2020
- CNE: SBA Emergency Loan Program Shortchanges Puerto Rico
Anemic PPP, Lenders Largely Fail to Cover Covid-19-Battered Small Businesses; More Equitable Program Needed
- Posted April 20, 2020
- Local SMEs Await Second Round Emergency SBA Loans
Banks Issue About $700 Million in Financing Before Program Funding Exhausted
- Posted April 18, 2020
- What Is The SBA?
An unheralded agency faces the unprecedented task of saving America’s small businesses
- Posted April 14, 2020
- SBA, Treasury Begin To Distribute Coronavirus Bill Funds
$349 Billion in Emergency Small Business Capital Cleared
- Posted March 31, 2020
- Assured Offers ‘Conditional’ Backing of New PSA
- Global Market Square
- How to really fix COVID-19 vaccine appointment scheduling
- FOMB Hopes $18B GO-debt Deal Leads to Puerto Rico Exiting Bankruptcy by Year’s End
- Amsterdam ousts London as Europe’s top share hub, taking trading back to where it all began