The U.S. Small Business Administration (SBA) reopened the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. It is initially accepting First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
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