Reopening of All First and Second Draw PPP Loan Applications Starts Tuesday, Jan. 19, 2021

January 15, 2021

By: Elizabeth L. Lehmann and Jeffrey B. Scheer

The U.S. Department of Treasury and the Small Business Association (SBA) announced that it will reopen the Paycheck Protection Program (PPP) loan portal to all participating PPP lenders to submit First and Second Draw loan applications to the SBA starting on Tuesday, Jan.19, 2021. The loan portal was open for smaller lenders starting on Jan. 11, 2021.

First Draw PPP applicants should submit to its participating lender SBA Form 2483 available here, or the lender’s equivalent form, when applying for a First Draw loan.

Second Draw PPP applicants should submit to its participating lender SBA Form 2483-SD available here, or the lender’s equivalent form, when applying for a Second Draw loan.

Applicants may also use the SBA’s Lender Match portal to find a participating PPP lender in their area.

For detailed information on applicant eligibility, payroll cost calculation and documentation requirements for the First and Second Draw PPP loan applications, please see our previous information memo available here

The attorneys at Bond, Schoeneck and King can help you determine whether your business is eligible for a First or Second Draw of PPP funds and assist you in the application process. Please contact Jeffrey B. Scheer or the attorney of which you are regularly in contact for more information.