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Regulatory Update: New PPP Applications Open Monday

By Net Assets posted 10 days ago

  

(from Journal of Accountancy) The Paycheck Protection Program (PPP) will reopen Monday, January 11, 2021, for select lenders and borrowers, the U.S. Small Business Administration and Treasury announced Friday. The SBA and Treasury said in a news release that initially only community financial institutions that serve minority- and women-owned businesses will be able to make loans. Specifically, these community financial institutions can begin making loans to first-time PPP borrowers on Monday and second-time PPP borrowers on Wednesday. The application window for forgivable PPP loans will open to all lenders “shortly thereafter,” according to the news release, which did not specify a date. The closing date for the new PPP is March 31.

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