Paycheck Protection Program

The Small Business Administration, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program loan portal on Monday, January 11, 2021 to accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.

On Friday, Jan. 15, 2021, SBA, in consultation with the U.S. Treasury Department, re-opened the PPP loan portal for First Draw Applications and permitted Second Draw Applications to PPP-eligible lenders with $1 billion or less in assets. The portal fully opened on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.

Following passage of the American Rescue Plan Act and PPP Extension Act of 2021, additional funds have been added to the PPP, and the program has been extended an additional two months to May 31, 2021.

The information contained in the Coronavirus Update webpage is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.