Paycheck Protection Program is back!

The Paycheck Protection Program is back!

It is accepting First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.  A First Draw PPP loan is for those borrowers who have yet to receive a PPP loan before the program closed in August 2020.

Participating CFIs have begun submitting application information to the Small Business Administration (SBA) for Second Draw PPP loans. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts. At least $15 billion is set aside for additional PPP lending by CFIs.

On January 19th, all lenders will be able to submit First and Second Draw PPP loan applications. SBA will continue to provide updates on systems operations, and, additionally, SBA will dedicate specific times to process and assist the smallest PPP lenders with loan applications from eligible small businesses.

Learn more about how and when to apply here or at sba.gov.

Best Regards,

Lee Zeldin
Member of Congress

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