News Detail

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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