On January 13, 2021, the Small Business Administration announced specific dates that lenders will be allowed to begin transmitting PPP loan applications to the SBA for processing. Although the SBA began accepting applications for first time loans on January 11 and second draw loans on January 13, these were limited to community financial institutions that serve minority or women owned businesses.
- January 15 – Lenders with $1 billion or less in assets can being transmitting first and second draw loans to the SBA.
- January 19 – Larger lenders can begin transmitting first and second draw loans to the SBA.
Although the lenders above cannot transmit loans to the SBA yet, many have started accepting applications from borrowers. Contact your bank today to determine their process for applying.
For additional information on PPP eligibility for this round of lending visit our PPP guidance center and our most recent blog post about the PPP Round Two Program. You can listen to additional commentary about the program from two of our PPP Task Force experts by viewing a recording of our most recent PPP webinar.