By Kathy Davis and Robert Jackson, CPA
Thursday, January 14, 2021
On Monday of this week the SBA re-opened first draw PPP applications to Community Financial Institutions (which include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries) and second draw applications to those same lenders on Wednesday.
Beginning tomorrow (Friday, January 15), eligible small lenders ($ 1 billion or less in assets) can begin making first and second draw PPP loans.
On Tuesday, January 19, all participating lenders can begin to make first and second draw PPP loans
Borrowers should have already been in touch with their lenders to determine when they can apply. Keep in mind that all participating lenders may not be ready to go by the dates above. Also keep in mind that the focus this time around is on smaller lenders. The SBA intends to set aside time for those small lenders even after the program fully re-opens on Tuesday.
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