Paycheck Protection Program Fully Reopens on January 19

Regulation | January 15, 2021

On January 19, all lenders will have access to the PPP application portal, per the Small Business Administration.

On January 14, the Small Business Administration announced that the Paycheck Protection Program (PPP) loan application portal will reopen to all lenders on January 19.

The portal opened to smaller, community-based lenders earlier this week for initial and second draw loans. On January 15, the portal opened to lenders with assets of less than $1 billion. All lenders will have access to the portal on January 19. 

Nonprofit organizations are eligible for initial and second draw PPP loans. For the second draw loans, borrowers can receive a loan of up to $2 million, or 2.5x their monthly payroll, whichever is less. Second draw loans are available to organizations who received an initial loan last year, has 300 employees or fewer, and can demonstrate a loss of gross receipts of at least 25%. Read more about this opportunity here