Small businesses are looking for answers to their top paycheck protection program FAQs (frequently asked questions). And now that this Second Paycheck Protection Program has already launched, The SBA is trying to provide guidance on the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act.
The PPP Loan Program began it's second round of funding on Monday January 11th via Community Financing Institutions. Applications are being accepted in phases.
This tiered roll-out is designed to serve those hardest hit first, as dictated by the legislation overseeing this new round of PPP.
Key dates for the paycheck protection program (PPP)
Today, Monday, 1/11/21 - 1st Time PPP Loan Applications are accepted for minority owned businesses exclusively, through Community Financial Institutions (CFI's).
- This Wednesday, 1/13/21 - 2nd Time PPP Loan Applications are accepted for minority owned businesses exclusively through Community Financial Institutions (CFIs) CFIs are smaller banks, credit unions, CDFI's and basically any other lender with less than $1B in assets.
Sometime after Wednesday, 1/13/21, PPP 1st and 2nd time loan applications will be accepted by most banking institutions. Larger banks will most likely NOT be opening up their application process until later in the week. Consult with your business banker for your bank's timelines.
The PPP Loan Program expires effective March 31, 2021.
The SBA is telling us that loan number generation will NOT be automatic as before – meaning the process may take a bit longer to protect against fraud, please be patient.
