Monday, October 25, 2021

Details, rules released for upcoming PPP launch

The Small Business Administration and U.S. Treasury late last night released initial guidance documents for the upcoming next round of the Paycheck Protection Program.

Community financial institutions will be able to submit loan applications for the PPP for at least two days before other lenders. Unfortunately, however, the SBA did NOT set a date on which it will reopen the application portal, although we expect it to happen sometime next week.

There is $284 billion in this round of the PPP, and the OBA will keep its members notified about when the application portal will open. In the meantime, here is some further information from the SBA:

 Guidance on PPP loan access.

 Interim Final Rule amending the PPP rules.

 Interim Final Rule on second-draw loans.