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SBA Issues Guidance for Re-opening of Paycheck Protection Program

12 January 2021
 January 12, 2021
Category Latest, News

On January 6, 2021, the Small Business Administration (SBA) issued guidance for implementing the new modified Paycheck Protection Program (PPP) provided under the recently passed FY 21 Consolidated Appropriations Act, Coronavirus Response and Relief Supplemental Appropriations Act. The guidance includes two interim final rules:

In addition, the SBA released a Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns. The guidance includes a commitment from the SBA to make at least the first two days of the PPP application window open exclusively to applications from community financial institutions that serve minority- and women-owned businesses.

Please note that the new PPP will re-open the week of January 11 with community financial institutions exclusively allowed to make first-draw PPP loans on starting January 11 and second-draw PPP loans starting January 13. The program will open to all participating lenders at an unspecified date shortly thereafter and remain open through March 31.

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