On January 8, 2021, the Small Business Administration (SBA) released a series of documents relating to the Paycheck Protection Program (PPP), providing application forms, guidance and details relating to the SBA’s implementation of a second round of PPP loans made possible by the recently enacted Economic Relief Act. The SBA intends to begin accepting applications for First Draw Loans that it receives through certain small “community lenders” starting today, January 11, and will accept “community lender” Second Draw applications beginning January 13, 2021. The recent guidance released by the SBA may be of interest to prospective PPP Second Draw borrowers and is described in this Alert. The Alert can be found here.
Client Alert: Small Business Administration Releases Guidance on First Draw and Second Draw PPP Loans – January 11, 2021
