PPP Loan Re-Opening Dates, Overview of PPP Draw Loans and Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns
PPP Loan Re-Opening Dates
On January 8, 2021, the Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11th, and Second Draw PPP Loans on Wednesday, January 13th. The PPP will open to all participating lenders shortly thereafter. More information can be located here: https://www.sba.gov/article/2021/jan/08/sba-treasury-announce-ppp-re-opening-issue-new-guidance
Overview of PPP Draw Loans
The US Department of Treasury’s overview of First Draw PPP Loans and Second Draw PPP Loans can be accessed here:
- Top Line Overview of First Draw PPP Loans: https://home.treasury.gov/system/files/136/Top-line-Overview-of-First-Draw-PPP.pdf
- Top Line Overview of Second Draw PPP Loans: https://home.treasury.gov/system/files/136/Top-line-Overview-of-Second-Draw-PPP.pdf
Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns
On January 6, 2021, the SBA issued the following article on Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns: https://home.treasury.gov/system/files/136/Guidance-on-Accessing-Capital-for-Minority-Underserved-Veteran-and-Women-Owned-Business-Concerns%20.pdf
The Attorneys at Levene Gouldin & Thompson, LLP are available to provide advice and counsel concerning these new statutory obligations and other matters related to COVID-19.