The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. Lenders targeting underserved communities will have exclusive access to offer loans to new borrowers Monday and Tuesday. They will then be able to offer second loans to existing borrowers Wednesday, and then the PPP is expected to open widely a few days later, according to the SBA.
Earlier this week, SBA released additional PPP guidance in accordance with the recently signed into law COVID relief legislation. Below are links to the new guidance and interim final rules. Of note, the FAQs for 501(c)(6) organizations fails to provide clear and concise guidance on how lobbying restrictions will be implemented, an issue that ABC has sought clarity on since the enactment of the new law. In a call with SBA and Treasury this afternoon, a number of organizations brought up the need for clarity on lobbying activities ahead of the program relaunch. SBA also stated their intention to post new applications for the program over the next couple days. We will continue to pursue additional guidance from our federal agencies and will update you with any additional information.
- SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (Released 1/6/2021)
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021)
- Interim Final Rule on Second Draw Loans (Released 1/6/2021)