Additional funding available for Paycheck Protection Program


Small businesses financially impacted by the pandemic have another opportunity to seek assistance through the Paycheck Protection Program.

The U.S. Small Business Administration announced Jan. 11 that it has re-opened the Paycheck Protection Program loan portal.  At least $15 billion is set aside for additional PPP lending by CFIs, the SBA said.

The SBA said when the PPP loan portal re-opened, it initially accepted First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries. The lenders represented about 10% of all PPP participating lenders in 2020.

A First Draw PPP loan is for borrowers who have not received a PPP loan before the program closed in August.

The SBA will begin accepting applications for Second Draw PPP loans Jan. 13. A Second Draw PPP loan is for eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and has suffered a 25% reduction in gross receipts.

Additional information on the program is available on the SBA’s website at


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