PPP Re-Opens to Small Lenders on 1/15 & All Lenders on 1/19

New Hampshire District Office - January 14, 2021

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PPP Re-Opens to Small Lenders on 1/15 & All Lenders on 1/19

The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. EST. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.

Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.

On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions.  Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week.

“A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continuing weathering this time of uncertainty,” said SBA Administrator Jovita Carranza. “SBA has worked expeditiously to ensure our policies and systems are re-launched so that this vital small business aid helps communities hardest hit by the pandemic. I strongly encourage America’s entrepreneurs needing financial assistance to apply for a First or Second Draw PPP loan.”

“We are pleased to have opened PPP loans to CDFIs, MDIs, CDCs, and Microloan Intermediaries.  The PPP is already providing America’s small businesses hardest hit by the pandemic with vital economic relief,” said Secretary of the Treasury Steven T. Mnuchin. “As the Program re-opens for all First and Second Draw borrowers next week, the PPP will allow small businesses to keep workers on payroll and connected to their health insurance.”

First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, was a historic success helping 5.2 million small businesses keep 51 million American workers employed.  

Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million. 


Updated PPP Lender forms, guidance, and resources

Updated PPP Lender forms, guidance, and resources are available at www.sba.gov/ppp

www.treasury.gov/cares


1.1 Million Paycheck Protection Program Loans Forgiven So Far Totaling Over $100 Billion

The U.S. Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered periods ended. 

The SBA has so far received 1,346,125 forgiveness applications for approximately $170.5 billion.  SBA has made payment on nearly 85% of the applications, forgiving over $100 billion.  For the smallest borrowers with loans up to $50,000, 88% have been approved for forgiveness.

The new data comes as the Paycheck Protection Program has recently re-opened as a result of the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, signed into law by President Trump on Dec. 27, 2020.  The Act added operational expenditures, certain property damage costs, supplier costs and worker protection expenditures, such as drive-through areas, ventilation and sneeze guards, as eligible expenses as well.


Grants Available for the Arts, Venues, Theaters, Museums, and more!

 

It's sold out, so anyone on a waiting list will get emailed a link of the presentation and it will be posted on YouTube.

REGISTER

Are you a theatrical producer, talent representative, venue promoter or do you operate a live venue, live performing arts organization, movie house or cultural institution and have been impacted by COVID-19? Tomorrow, January 14, at 3:00 p.m. ET, the SBA will host a webinar that will provide an overview of the Shuttered Venue Operators Grant program.

Eligible organizations with a reduction in revenue due to the COVID-19 pandemic will have the opportunity to receive up to a $10 million grant under the program. This webinar will provide introductory information about the grants, who can apply, how potential organizations can prepare, and additional details re: eligibility and applications.

Eligible Entities

  • Live venue operators or promoters
  • Theatrical producers
  • Live performing arts organization operators
  • Certain museum operators, zoos and aquariums that meet specific criteria
  • Motion picture theater operators
  • Talent representatives
  • Business entities owned by an eligible entity that also meets the eligibility requirements

Other requirements of note:

  • Must have been in operation as of February 29, 2020
  • Venue or promoter must not have received a PPP loan

Updates and Workshops on PPP

January 20th & 27th

January 20, 22, 26 & 29 - NH SBDC

Please check on our webpage for the most recent small business events calendar- new content is added daily!


Newsletter and Latest information on SBA

Download a copy of our

DECEMBER NEWSLETTER HERE


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Ways to Connect with SBA New Hampshire:

Websitewww.sba.gov/nh
EmailNewHampshire_DO@sba.gov
Twitter: @SBA_NH

Phone: 603-225-1400