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ARTICLE · 12 JANUARY 2021

SBA Part Thirty-Three: PPP 2.0 Timing, Release Of "Second Draw" Application, And Two New IFRs

Taft, Stettinius & Hollister LLP
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The Small Business Administration (SBA) announced it would re-open the Payroll Protection Program (PPP) on Jan. 11, 2021.

United StatesFinance and Banking
Taft Stettinius & Hollister LLP
Taft Stettinius & Hollister LLP
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The Small Business Administration (SBA) announced it would re-open the Payroll Protection Program (PPP) on Jan. 11, 2021. Initially, the reopening is limited to community financial institutions and lenders making "First Draw" PPP loans. A First Draw loan is a PPP loan to a business that has not already received a PPP loan. Those same lenders will be able to accept "Second Draw" PPP Loans on Jan. 13, 2021. A Second Draw loan is a new PPP loan to any business that has already received a PPP loan. Shortly thereafter, the PPP program will most likely open to all participating lenders for First Draw and then Second Draw loans.

The First Draw PPP loan application can be found here. The Second Draw loan application can be found here. The SBA is still working on a simplified application for loans of $150,000 or less.

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