SBA Opening Door for New PPP Lending

The Small Business Administration has issued new guidelines under the latest update of the Paycheck Protection Program, which has been refined to place special emphasis on smaller lenders and borrowers. This PPP installment, totaling $285 billion, is expected to be in distribution as early as next week.

As with the first iteration of the PPP in late March and April of 2020, the SBA and Treasury Department are jointly administering the program. Lenders with assets of less than $1 billion will have exclusive access to the lending portal for the first two days before larger banks can commence operations.  The site also includes a  Lender Match tool, which has been designed to deliver funding to what the agency calls underserved communities–minority-owned and women-owned companies, as well as those owned by veterans.

The deadline for loan approval this time around is March 31.