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PPP opened to all lenders through March 31...

Reprinted from January 2021

The Paycheck Protection Program will reopen in full on Tuesday, January 19. 2021, the Small Business Administration announced yesterday. The agency this week began a phased reopening for the $284 billion Covid-19 relief program that started with community financial institutions. Tomorrow, lenders with $1 billion or less in assets will be able to submit applications for first- and second-draw loans. On Tuesday, the forgivable-loan program will reopen to all lenders.

To date, the PPP portal has been open to Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and microloan intermediaries. The SBA’s goal with the phased rollout was to reach underserved and minority-owned small businesses. The reopening phase on Friday targets a similar goal. About 5,000 more lenders will gain access to the portal; they include community banks, credit unions and farm credit institutions.

More than 5.2 million loans for about $525 billion were made through PPP last year, before the program was restarted with the $900 billion federal stimulus package enacted in December. The SBA this week said it had processed forgiveness for 1.1 million loans totaling more than $100 billion. That’s about 85% of the 1.3 million forgiveness applications totaling $170.5 billion the agency has seen so far. The numbers are a marked increase from Nov. 22, when the agency had made about 367,000 forgiveness payments for $38.4 billion

Keywords: PPP, PPP loans, small businesses

Posted in Business, Housing, Economic Development

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