The SBA has opened the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. At this point, it is initially accepting First Draw PPP Loan applications from Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries. However, that will be broadened to include all lenders, and the Second Draw PPP Loan Program is expected to go live on Wednesday, January 14th.
We are publishing the detailed terms of both the revised First Draw PPP Loan Program and the new Second Draw PPP Loan Program later today. Please stay tuned for more information.
KROST is also providing a service to assist borrowers with applications for Second Draw PPP Loans as well as First Draw PPP Loans, if the borrower did not previously receive a PPP loan. For more information, please contact us at [email protected] or by filling out this form.