- The SBA has released official guidance for PPP loans
- Two Interim Final Rules clarify steps for both first and second-time borrowers
- When, where, and how to apply
The PPP application process is officially open as of Monday, January 11. The first two days will allow for smaller, community bank lenders and first-time borrowers to begin the process. Larger institutions will open at a still-unannounced later date; second-time borrowers will get a stab at the loan on January 13th, after first-timers have had their go.
Small businesses have until March 31 to apply for the loan but are recommended to apply sooner rather than later. The budget caps at $284 billion, and once the funds run dry, the loan is off the table.
Small Business Administration Guidance:
The SBA has released official guidance including two Interim Final Rulings (IFRs) as well as guidance for Accessing Capital for Minority, Underserved, Veteran, and Women-Owned Businesses.
- Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act: The first IFR provides guidance for first-time borrowers, covering eight months of rules for forgivable PPP loans.
- Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans: The second IFR establishes the guidelines for all second-time borrowers.
How to Apply:
The application process begins with the below forms (one for first-time borrowers and another for second-time borrowers).
Form 2483— Paycheck Protection Program Borrower Application Form
Form 2483-SD—PPP Second Draw Borrower Application Form
Need help applying? That’s what we’re here for. DSJ’s Coronavirus Response Team (CRT) is prepared to help you and your small business overcome these uncertain times together. Visit our website for information and updates and call our office at 516-541-6549 to speak to a member of our CRT.
Sincerely,
Devin McQuillan
Associate, Creative Solutions
Contact:
516-541-6549 | Email