SBA Announces PPP Re-Opening Timeline
On Friday evening the Small Business Administration (SBA) announced the Paycheck Protection Program (PPP) re-opening. The initial re-opening is available to four specialized types of financial organizations. The loan program will be made available to all other lenders, such as People’s Bank, “shortly after” Thursday, January 14th (date yet to be determined).
SBA will have two PPP loan programs available to small businesses. The 1st Draw PPP loan program will be available to eligible businesses who have not previously received a PPP loan. The 2nd Draw PPP loan program will be available to eligible businesses who have received a PPP loan and have utilized all loan proceeds.
Our People’s Bank team is working swiftly to update systems to launch our user-friendly, secure, online application portal. As soon as our online portal is available, we will let you know.
PLEASE NOTE: Our application process has changed. To apply for a new PPP Loan, your application must be submitted to People’s Bank through this secure online process.
2nd Round PPP Loans Expected
The new COVID-Relief Stimulus bill was passed at both the House and the Senate on December 21, 2020 and signed into law on December 27th by President Trump. This law includes a new round of PPP funding.
This second round of PPP loans will be available to help both first time borrowers and second time PPP borrowers whose businesses have been hard-hit and meet certain criteria.
We will not begin accepting new PPP loan applications until SBA releases their timeline, updated rules, new application forms and our online application system meets SBA specifications.
All new PPP loan requests will be submitted via our secure online PPP loan application portal.
More detail to come as soon as it is received. Check back here for ongoing updates. If you have any questions, please email email@example.com.