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. On Wednesday, they will be able to submit Second Draw PPP loan applications. Just a few days following, the PPP will re-open to all participating PPP lenders for First and Second Draw PPP loans.
Last week, the Small Business Administration (SBA), in consultation with the Treasury Department, has recently released guidance for the second round of the Paycheck Protection Program (PPP). The National Restaurant Association has distilled it into a seven-page “PPP User Manual”.
Click here to review the guidance for restaurants.