Paycheck Protection Program (PPP) Operations Update
Portal Opening: Monday, January 11, 2021
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, is opening the Paycheck Protection Program loan portal on Monday, Jan. 11, 2021 at 9 am ET. When the PPP loan portal system opens on Monday morning, it will initially accept 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.
The opening of the SBA loan system is designed to efficiently and effectively implement the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and to ensure increased access to the PPP for minority-, underserved-, veteran- and women-owned small business concerns. SBA also is calling upon its lending partners to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities.
SBA will continue to provide updates on operations during the week of January 11, 2021. Additionally, SBA plans to dedicate specific times to process and assist the smallest PPP lenders with loan applications from eligible small businesses.
As a reminder, CFI Lenders may use the SBA PPP Lender Hotline: +1 (833) 572-0502 and find more PPP Platform Resources here: https://forgiveness.sba.gov/