On Monday, January 11th, the SBA and U.S. Treasury Department opened the Paycheck Protection Program loan portal. It initially will be accepting first draw PPP loan applications from participating CFIs.
Applications for both initial PPP loan borrowers and second-time borrowers are now available:
- Paycheck Protection Program First Draw Borrower Application Form
- Paycheck Protection Program Second Draw Borrower Application Form
As a reminder, the COVID-19 Relief bill provides $325 billion in forgivable loans as part of the reinstated Paycheck Protection Program, commonly referred to as PPP2. The new round of PPP will potentially make additional expenses including covered worker protection and facility modification expenditures, expenditures to suppliers that are essential at the time of purchase to recipient’s operations and operating costs such as software and cloud computing services, potentially forgivable.
More highlights on eligibility for first-time and second-time borrowers can be found here. The SBA has provided more information on loan details, how to apply, affiliation rules, supplemental materials, and loan forgiveness on its website. MBK encourages clients to review these requirements and quarterly gross receipts to determine eligibility for first or second PPP loans. Additionally, it is advised that clients review the required documentation, authorizations, and certifications that are necessary to apply for these loans.
For more information on loan amounts, the forgiveness application, or other details on the PPP2, please contact your advisor and/or call us at 413-536-8510
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.