Paycheck Protection Program Re-Opening Monday for First Draw Borrowers
Second Draw PPP Set for Jan. 13
If you are interested in applying to PPP in the first round, please contact MOFI. Otherwise, you can reach out to your lender and apply on January 13.
Participating lenders will be accepting applications again for loans under the Paycheck Protection Program starting Monday, January 11, 2021. To promote access to capital, only community financial institutions will be able to make First Draw PPP Loans on Monday and Second Draw PPP Loans will start on Wednesday, January 13, 2021. The PPP will open to all participating lenders on January 13.
The following information is now located on www.sba.gov/ppp :
Updated First Draw Forms
Second Draw Forms
Guidance & Resources
SBA Procedural Notice 5000-20074 - Modifications to SBA Forms 3506, 3507, and 750 CA (for purposes of PPP only)
SBA Procedural Notice 5000-20075 - Repeal of EIDL Advance Deduction Requirement for SBA Loan Forgiveness Remittances to PPP Lenders
Community Financial Institutions (CFIs) will be able to submit First Draw (first time) PPP loans starting Monday.
Second draw (second time) loans starting next Wednesday.
Per the Economic Aid Act, a Community Financial Institution (CFI) is one of the four types of lenders.
Eligibility has been expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations; not direct marketing organizations as previously stated.