SBA reopening for more lenders Friday

The Small Business Administration just announced that it will reopen the Paycheck Protection Program loan portal to PPP-eligible lenders with $1 billion or less in assets at 9 a.m. (Eastern time) this Friday, Jan. 15.

The SBA also said:

• The portal will fully open to all participating PPP lenders on Tuesday, Jan. 19.
• The reopening applies to both first- and second-draw applications.
• The SBA plans to have dedicated service hours for smaller lenders after the portal fully reopens.

Earlier this week, the SBA granted dedicated PPP access to certain community financial institutions defined in the Economic Aid Act.

The SBA has also released resources for the next round of PPP lending, including instructions for accessing the updated lender portal, new application forms for first- and second-draw loans, and procedural notices on approved lender status and reimbursing lenders for EIDL advances deducted from forgiveness amounts.

Additional PPP resources are available here:

• ICBA's next Community Bank Briefing, which is set for 11 a.m. (Eastern time) tomorrow, Jan. 14.
• The SBA and Treasury PPP pages.
• ICBA's PPP and EIP News page.
• The Independent Bankers Association of Texas's matrix of PPP updates in the stimulus law.
• ICBA's summary of the stimulus package's community banking provisions.

Thank you for all you are doing at this challenging time. ICBA will continue to keep you informed with the latest information.

Sincerely,

Rebeca Romero Rainey
President and CEO
Independent Community Bankers of America