SBA Announces PPP Portal Access for All Lenders|
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On January 13, 2021, the U.S. Small Business Administration (SBA) announced that the portal to accept Paycheck Protection Program (PPP) loan applications will extend their re-opening to be available to small lenders on Friday, January 15, 2021, and to all lenders on Tuesday, January 19, 2021. Lenders eligible for application on January 15th are those with $1 billion in assets or less.
This news follows the portal opening exclusively earlier in the week to community financial institutions and will make the applications available to approximately 5,000 more lenders this week.
As of 6:00 p.m. EST, lenders have accepted more than 9,100 first and second draw applications using the Real-Time Lending Platform (RTLP), totaling $1.4 billion in relief funds. Over 80 lenders have accepted applications, with more than 95% of applications submitted through the self-service interface, and the vast majority for second draw loans.
Let Aprio Help
Aprio has established a dedicated PPP team that is continuously monitoring new guidance from the SBA, as well as the Treasury, Congress and the IRS, to ensure we have the latest information when advising our clients.
To discuss how to determine your PPP eligibility and accurately calculate your borrowing capacity, contact Aprio’s dedicated PPP team.
Disclaimer for services provided relative to SBA programs and the CARES Act
Aprio’s goal is to provide the most up to date information, along with our insights and current understanding of these programs and regulations to help you navigate your business response to COVID-19.
The rules regarding SBA programs are constantly being refined and clarified by the SBA and other agencies In certain instances, the guidance being provided by the agencies and/or the financial institutions is in direct conflict with other competing guidance, regulations and/or existing laws.
Due to the evolving nature of the situation and the lack of final published rules, Aprio cannot guarantee that additional changes or updates won’t be needed or forthcoming and the original advice given by Aprio may be affected by the evolving nature of the situation.
You need to evaluate and draw your own conclusions and determine your Company’s best approach relative to participation within these programs based on your Company’s specific circumstances, cash flow forecast and business strategy.
In situations where resources are provided by third parties, those services should be covered under a separate agreement directly with that service provider. Aprio is not responsible for the actions of any other third party.
Aprio encourages you to contact your legal counsel to address the legal implications of the impact of the CARES Act and specifically your participation in any of the SBA programs.