SBA to Reopen PPP on January 11, Second Draw Loan Applications Accepted Beginning January 13
The U.S. Small Business Administration (SBA) announced that the Paycheck Protection Program will re-open beginning next Monday, January 11. The SBA states that the program will initially re-open Monday for first-time borrowers to apply for first draw loans and on Wednesday, January 13, second-time borrowers would be eligible to apply. Further, the announcement notes that only community-based lenders, such as community-development financial institutions and minority depository institutions, will be allowed to process loan applications for at least two days when the program re-opens. The SBA said other lenders would soon follow, but declined to specify a date.
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