Home | Join Us | Directory | Events

East Bay Chamber of Commerce

  • Why Join
    • Become a Member
    • Artisan Membership
    • Market Your Business
    • Networking & Exposure
    • See Who's Joined
  • Member Benefits
    • Membership Directory
    • Free Marketing Tools >
      • Ribbon Cuttings
      • Chamber Blog
      • Event Calendar
      • M2M Discounts
      • Speaker's Bureau
      • Bay Bucks >
        • Participating Businesses
    • Premium Marketing Tools >
      • Making Connections
      • Tuesday at Two
    • Networking Groups >
      • WEBOND
      • CEO Manufacturers Round Table
      • EBYP
    • Coggno Online Training
    • US Chamber
  • Economy
    • Existing Business Support
    • Starting a Business >
      • Barrington
      • Bristol
      • Warren
    • State Government
    • RI Chamber Coalition
    • Job Bank
  • Events /Tourism
    • Chamber Events
    • Community Events
    • Submit an Event
    • Bristol County >
      • Points of Interest
      • Map of Area
    • Plan Your Visit
    • Shop Local
    • Live & Work >
      • Barrington
      • Bristol
      • Warren
    • Coronavirus (COVID-19)
  • Member Login
  • About Us
    • History
    • Board of Directors >
      • Chairman's Message
    • Committees
    • Membership Directory
    • Affiliates & Associates
    • Contact Us
  • Blog
  • Why Join
    • Become a Member
    • Artisan Membership
    • Market Your Business
    • Networking & Exposure
    • See Who's Joined
  • Member Benefits
    • Membership Directory
    • Free Marketing Tools >
      • Ribbon Cuttings
      • Chamber Blog
      • Event Calendar
      • M2M Discounts
      • Speaker's Bureau
      • Bay Bucks >
        • Participating Businesses
    • Premium Marketing Tools >
      • Making Connections
      • Tuesday at Two
    • Networking Groups >
      • WEBOND
      • CEO Manufacturers Round Table
      • EBYP
    • Coggno Online Training
    • US Chamber
  • Economy
    • Existing Business Support
    • Starting a Business >
      • Barrington
      • Bristol
      • Warren
    • State Government
    • RI Chamber Coalition
    • Job Bank
  • Events /Tourism
    • Chamber Events
    • Community Events
    • Submit an Event
    • Bristol County >
      • Points of Interest
      • Map of Area
    • Plan Your Visit
    • Shop Local
    • Live & Work >
      • Barrington
      • Bristol
      • Warren
    • Coronavirus (COVID-19)
  • Member Login
  • About Us
    • History
    • Board of Directors >
      • Chairman's Message
    • Committees
    • Membership Directory
    • Affiliates & Associates
    • Contact Us
  • Blog
​

​​Chamber Connections BLOG

SBA to Re-Open Paycheck Protection Program to Small Lenders

1/14/2021

0 Comments

 

SBA to Re-Open Paycheck Protection Program to Small Lenders on
Friday, January 15 - All Lenders on Tuesday, January 19
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9:00 a.m. EST.
The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.

www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program?utm_medium=email&utm_source=govdelivery

Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.
On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions. Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week.

First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, was a historic success helping 5.2 million small businesses keep 51 million American workers employed.

Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.


0 Comments



Leave a Reply.

    Archives

    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    November 2022
    September 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    September 2021
    August 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    Categories

    All
    Chamber News & Updates
    Meet Our Members
    Member News & Press Releases
    Ribbon Cuttings
    Under The Dome

    RSS Feed

Copyright East Bay Chamber of Commerce. All rights reserved.
16 Cutler St., Warren, RI 02885 
Phone: (401) 245-0750  |  Fax: (401) 245-0110  | info@eastbaychamberri.org