The Paycheck Protection Program (PPP) administered by the U.S. Small Business Administration (SBA) has re-opened the loan process for new borrowers and certain existing borrowers today, January 11.

While applications open for new borrowers today, lender availability is limited. If you already exhausted your first PPP loan, the loan process for your second draw will be available beginning Wednesday, January 13.

As a reminder, eligibility for a PPP loan now includes all of the following organizations: 

• Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
• Sole proprietors, independent contractors, and self-employed persons
• Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
• Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
• 500 employees, or
• That meets the SBA industry size standard if more than 500

How To Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. 

If you wish to begin preparing your application, you can download the PPP borrower application forms to see the information that will be requested from you when you apply with a lender.

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