SBA Paycheck Protection Program (PPP) Round 2

January 13, 2021 the U.S. Treasury Department opens the Paycheck Protection Program 

PPP First Draw Loans for first time program participants.
PPP Second Draw Loans beginning January 13, 2021 for certain businesses who have previously received a PPP loan.

To promote access for smaller lenders and their customers, SBA is currently only accepting loan applications from participating community financial institutions (CFIs). Lender Match can help you find a participating CFI.

CFIs are Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries. 

Click the links below to find the resource closest to you: 
CDFI Search
Minority Depository Institutions Search
Certified Development Company Search
Microloan Intermediary Search

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

PPP loans have an interest rate of 1%.
Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
No collateral or personal guarantees are required.
Neither the government nor lenders will charge small businesses any fees.
 

How To Apply

You can apply through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.

You should consult with your local lender as to whether it is participating in the program. Apply with your local CFI. _{See CFI Search Tools Above To Find An Organization Nearest To You}

Who Can Apply

The following entities affected by Coronavirus (COVID-19) may be eligible:

• Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
• Sole proprietors, independent contractors, and self-employed persons
• Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
• Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
  • 500 employees, or
  • That meets the SBA industry size standard if more than 500

To Search for your NAICS CODE Click Here
 

SBA is currently accepting new
Economic Injury Disaster Loan (EIDL) applications
from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.

If you would like to apply for the EIDL  CLICK HERE

Financially yours, 

Lysa Davis 'aka' The Trusted Banker xoxo