Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses.  The recently passed Economic Aid Act authorizes up to an additional $284 billion in PPP funds for both new and existing borrowers. 

The SBA will begin accepting applications from community financial institutions as follows:

  • New Borrowers (First Draw) - Monday, January 11th 
  • Existing PPP Borrowers (Second Draw) - Wednesday, January 13th

Community financial institutions are defined as Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Community Development Corporations (CDCs), and Microloan Intermediaries. The SBA will open the application portal for community banks at least 2 days after the initial open date for the community financial institutions.

Key PPP Updates from the Economic Aid Act

  • PPP borrowers can set their PPP loan's covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program's eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
    A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

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