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Financial Services Law Insights and Observations

PPP portal to re-open to all lenders on January 19

Federal Issues Covid-19 SBA CARES Act Economic Aid Act

Federal Issues

On January 13, the Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) loan portal will open to all eligible lenders with $1 billion or less in assets for First and Second Draw applications on January 15, with the portal fully opening on January 19 to all participating lenders. As previously covered by InfoBytes, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) provides an additional $284 billion for the PPP, extending the authority to make PPP loans through March 31, amending certain aspects of the program, and allowing for certain businesses to take second loans. The PPP portal initially reopened on January 11 to community financial institutions only in order to reach underserved and minority small businesses.

In conjuction with the announcement, SBA also issued Procedural Notice 5000-20076 related to First Draw PPP loan increases following the enactment of the Economic Aid Act.

 

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