The SBA and Treasury have just announced that the PPP will re-open on Monday, January 11 to borrowers who are able to use Community Development Financial Institutions for First Draw PPP loans. Second Draw PPP loans can be applied for starting on Wednesday, January 13, again only for borrowers who are able to use CDFIs. Additional information on CDFIs can be found here.

The PPP will open to all participating lenders either later next week or early the following week. This stairstep approach is to provide minority, underserved, veteran, and women-owned business concerns with additional time to access these loans.

We recently sent out an Eblast with several of the changes to the Paycheck Protection Program. Please review the parameters that we outlined here as you consider whether to submit an application in the coming days. Your banker will be able to assist you with the formal application process once that comes available.

Although the application itself has not been released as of the time of this Eblast, you should be able to find it on the Treasury’s site here in the coming days. This site also has a pair of “Top-line overviews” related to both the First and Second Draws, should you like to read additional information on these.

This information is current as of January 8, 2021. As always, we continue to monitor for developments and updates and will send out additional information as soon as possible. We look forward to continuing our partnership with you as we work through these incredible times together!