SBA Issues Additional Paycheck Protection Program (PPP) Loan Application Processing Reopening Dates
Eligible Lenders of All Sizes May Submit Applications for Processing Beginning Tuesday, January 19th
As IAM highlighted last week, the SBA started processing loan applications for the recently re-started PPP loan program. The program initially re-opened for eligible community-based lenders yesterday, January 13th.
Last night, the SBA announced that PPP eligible lenders with $1 billion or less in assets may submit both first and second draw applications beginning tomorrow, Friday, January 15th at 9 am ET. The SBA's application portal will fully open on Tuesday, January 19th to participating PPP lenders of all sizes for both first and second draw loan applications.
For all current SBA guidance and additional information, please click here.
As a reminder, IAM strongly encourages all member companies to work closely with their company's tax counsel (or similar), alongside your financial lending institution, for any additional rules that may be applicable to your loan and loan process.
If you have any questions or would like to follow up, please contact Bryan Vickers with IAM's Regulatory Affairs team at firstname.lastname@example.org, 703-403-2882. IAM will keep members apprised of developments as they occur.