Friday January 15th will begin the second phase of the application window for Paycheck Protection Program (PPP) forgivable loans. US Treasury and Small Business Administration announced on January 13, 2021 that lenders with $1 billion or less in assets will be eligible to submit applications beginning at 9 am ET for first and second draw PPP loans.
Monday January 11th, 2021, marked the initial opening of the new PPP Loan portal. Community Financial Institutions that typically work with small and underserved businesses had first opportunity to apply to assist those businesses in obtaining loans needed.
Large lenders will have the opportunity to submit applications for first and second draw loans on Tuesday, January 19th, 2021.
