The Small Business Administration has announced that it will open its Paycheck Protection Program (“PPP”) loan portal to eligible lenders with $1 billion or less on Friday, January 15, and will open its PPP loan portal to all eligible lenders on Tuesday, January 19. This announcement applies to both First and Second Draw PPP loans.
Each individual lender will determine for itself when to begin accepting PPP applications from borrowers. We suggest you contact your lender immediately to obtain lender-specific details. While individual lenders may choose to utilize their own PPP loan applications, the SBA published a form application for First Draw loans here, and a form application for Second Draw loans here.
We are available to answer any questions you may have, and to consult about other PPP issues. Please reach out to your primary GEAB&P attorney to discuss.