By Chuck White, Vice President of Regulatory Affairs
The U.S. Small Business Administration will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA. Contact your lender for information about their participation in the expanded PPP. Good news: A key change in the law now allows businesses with reduced revenue to use both the PPP and the Employee Retention Credit (including a retroactive lookback into 2020 for the Employee Retention Credit).
PHCC members: More details to come as further guidance is released!
Vice President of Regulatory Affairs , PHCC-National Association