ICYMI today - PPP re-opens, online learning platform launches

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Pacific Northwest Region - Jan. 11, 2021

u s small business administration
paycheck protection program, PPP


PPP Opened Today for First Draw PPP Loan Applications


Starting today, community financial institutions (Community Financial Development Institutions, Minority Depository Institutions, Community Development Corporations or Microlenders) can submit First Draw PPP loan applications to the SBA and on Wednesday, they will be able to submit Second Draw PPP loan applications. Shortly thereafter, the PPP will re-open to all participating PPP lenders for First and Second Draw PPP loans.

 

Updated PPP Loan Applications and Process Details


Updated applications have been released for First Draw and Second Draw PPP loans. PPP applications must go through participating PPP lenders, who then route them to the SBA for approval. Per this guidance, the SBA continues to call upon our lending partners to assist eligible borrowers in underserved and disadvantaged communities and address potential barriers to access to capital.

Application: First Draw PPP Loan

Application: Second Draw PPP Loan

 

If you are seeking economic aid via the PPP, we encourage you to start communication with your lender now to understand the financial institution’s processes.

 

What’s the Difference Between a First Draw PPP Loan and a Second Draw PPP Loan?


In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts.

Overview: First Draw PPP Loan

Overview: Second Draw PPP Loan

 

Stay Up to Date via Twitter and SBA.gov


We will continue to share details about additional economic aid being administered by the SBA for small businesses and other eligible organizations as soon as they are determined. Stay up to date by following us on Twitter and visiting us online at www.sba.gov.

More specifically, the best source of accurate information on the PPP is www.sba.gov/paycheckprotection and for Economic Injury Disaster Loans, which are now available through Dec. 31, 2021, and other grants it is www.sba.gov/disaster.

Ascent


New Digital Learning Platform Launches Today for Women Entrepreneurs  

 

Today, the SBA launched Ascent, a new digital platform featuring training materials, videos, and more to help women entrepreneurs and small business owners recover and grow their business.

Women own or co-own 45% of all businesses in the United States. These businesses represent all types of industries and are owned by all types of women. The majority are small, with great potential for growth in both revenues and job creation.

Start Your Ascent

 

 

Coping with COVID-19

 

Access Business Resources for Coping with COVID-19


Whether you're looking for guidance to keep your employees safe, need financing for your business, or seek expertise to create a resiliency plan, the SBA and its network of partners and lenders wants you to know you're not alone. 


Connect to Resources