The SBA and U.S. Treasury on Thursday issued guidance for the reconstituted Paycheck Protection Program, which will re-open the week of Jan. 11 for new borrowers and certain existing PPP borrowers.
To promote access to capital, initially only community financial institutions will be able to make first draw PPP loans on Monday, Jan. 11, and second draw PPP loans on Wednesday, Jan. 13. The PPP will open to all participating lenders shortly thereafter, according to the SBA. The program will run through March 31, 2021.
Credit unions can access the following resources and information:
- Letter from the Administrator: SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns
- Interim Final Rule: Paycheck Protection Program (PPP) as Amended by the Economic Aid Act
- Interim Final Rule: Paycheck Protection Program (PPP) Second Draw Loans
- Press release: SBA Launches PPP Reopening Issue New Guidance
Credit unions can also view PPP2: Key initial takeaways on the New York Minute blog.