Following the passage and signing into law of the most recent COVID-19 relief legislative package, the U.S. Small Business Administration reopened the Paycheck Protection Program (PPP) earlier this week. The SBA has focused lending this week on underserved communities, providing them exclusive access for the first two days of the relaunched program, and the program is expected to open widely to all lenders on January 19, according to the SBA. 

The SBA also released information stating that it “has so far received 1,346,125 PPP loan forgiveness applications for approximately $170.5 billion,” forgiving over $100 billion, and further stating that “for the smallest borrowers with loans up to $50,000, 88% have been approved for forgiveness.” 

The SBA released new applications for the program, and the most up-to-date guidance is below. Businesses can start applying for second PPP loans now if they go through certain lenders, including community development financial institutions and minority depository institutions.

Updated First Draw Forms 

• Form 2483 – First Draw Borrower Application (Updated 1/8/21)
• Form 2484 – First Draw Lender Guaranty Application (Updated 1/8/21)

Second Draw Forms

• Form 2483-SD – Second Draw Borrower Application (Released 1/8/21)
• Form 2484-SD – Second Draw Lender Guaranty Application (Released 1/8/21)

Guidance & Resources 

• Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance (Released 1/6/21)
• Top-Line Overview of First Draw PPP Loans (Released 1/8/21)
• Top-Line Overview of Second Draw PPP Loans (Released 1/8/21)
• Interim Final Rule #1 – PPP as Amended by Economic Aid Act (Released 1/6/21)
• Interim Final Rule #2 – PPP Second Draw Loans (Released 1/6/21)
• Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only) (Released 1/8/21)
• Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement (Released 1/8/21)

For more information and updates, visit SBA.gov/PPP or Treasury.gov/CARES.