Applications are being accepted for the Paycheck Protection Program (PPP). The Small Business Administration (SBA) re-opened the loan portal this morning to businesses with $1 Billion or less in assets.
The portal will fully open on Tuesday, January 19th to all participating PPP lenders to submit first and second draw loan applications to the SBA.
Application forms for first draw PPP loans are available now. Forms for second draw PPP loans are also available, however, the following criteria need to be met:
- Previously received a first draw PPP loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees;
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
You can also visit InsurBanc, a Partner in Progress, for assistance in applying.