The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) application portal officially reopens Jan. 11, when the SBA will accept “first-draw” loans from small businesses yet to receive a PPP loan and only from lenders SBA has identified as “community financial institutions.”
SBA has defined those as community financial institutions as:
· community development financial institutions,
· minority deposit institutions,
· certified development companies
· microloan intermediaries
These lenders will be able to process applications and submit them to the SBA first. Contact your lender to ask if they qualify as a community financial institution under the guidelines of the PPP.
For small businesses applying for a second PPP loan, the SBA application portal opens on Jan. 13, but as with the first-draw loans, applications are only accepted with community financial institutions.
Here are the latest application forms and resources:
NEW Application for Second Draw PPP
Updated Application for First Draw PPP
For a list of certified Community Development Financial Institution s(CDFI) by city and state, click here.
Guidance & Resources
- Policy Update for Restaurants – 2nd Draw PPP
- Top-Line Overview of First Draw PPP Loans
- Top-Line Overview of Second Draw PPP Loans
- Interim Final Rule #1 – PPP as Amended by Economic Aid Act
- Interim Final Rule #2 – PPP Second Draw Loans
- Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance
- 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