PPP re-opens to small lenders Jan 15, all lenders Jan 19 cuinsight.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cuinsight.com Daily Mail and Mail on Sunday newspapers.
The Paycheck Protection Program, which restarted this week with $284 billion in pandemic-relief loans for U.S. small businesses, will open to small banks.
Pierre, SD, USA / DRGNews
Jan 14, 2021 12:23 PM
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications tomorrow (Jan. 15, 2021) at 9am EST/8am CST. The portal will fully open Tuesday (Jan. 19, 2021) to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.
The bank is combining its wealth management units to serve both the ultrarich and the less affluent; the small business loan program will open to all borrowers on Tuesday.
SBA reopens Paycheck Protection Program offering forgivable loans to small businesses
In the first days, smaller, community financial institutions will have access, prioritizing first-time borrowers who may have missed the previous round. Author: Kayland Hagwood Updated: 7:59 PM EST January 12, 2021
SUMTER, S.C. Another round of forgivable coronavirus relief loans are now available to small businesses.
The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) Monday starting with smaller, community financial institutions (CFIs) and, in the days ahead, will extend to larger banks. The first round, a lot of your larger banks were first to get out the chute, so to speak, and a lot of the money went to some of the larger loans, larger businesses, and some of your smaller, rural areas and smaller borrowers were not able to get access to the funds as quick as th