New PPP Loan Programs [PPP 1 & PPP 2] Open to ALL Lenders January 19, 2021
Hello from FreedomTax Accounting. We’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years. We just wanted to make this quick video on the latest update on the release of the new PPP loan program by the SBA. That SBA has just made this news release.
Right now, January 13th, where it is stating that the SBA will reopen that PPP program to small lenders on Friday, January 15th, and to all lenders on Tuesday, January 19th, I remembered that the SBA did open the portal to lenders to smaller lenders this week because they wanted to make sure that smaller communities and less privileged communities got the PPP funds first through those lenders in those communities. But we were waiting on when the SBA was actually going to open up the PPP program to everyone else. So this is their answer. It says here that on January 15th. They will open the loan portal to eligible lenders with 1 billion or less assets that will open on January 15th.
And then it says here that the portal will fully open on Tuesday, January 19th, to all participating PPP lenders to submit the first and second PPP loan applications to the SBA. Now remember that this doesn’t mean that you will be able to apply with your lender that same day. Remember that the PPP program, you do not apply directly with the SBA. You have to go through an authorized lender or bank. This means that the SBA portal will be open to the lenders that day, the lenders or banks still need to set up their system to start accepting PPP loan applications. If it’s any way similar to what happened for the first PPP back in April, some banks took maybe a week later, some banks took two weeks later, but since now the banks have more experience with this program. It should be a lot faster. So once again, the SBA is opening up the SBA portal to everyone by January 19th to the lenders, but you can start communicating. With your bank or with a lender to see, when are they going to start accepting applications?
If you got a PPP one and you want to apply for a PPP two, we recommend that you use the same bank and lender, which you got the first PPP one through because they already have most of the information and your application process should be a lot. Easier. So we just wanted to do this quick video to bring you the latest information on the PPP loan program.
This is good news. More funding is going to come soon to small businesses that need it. If you have any more questions about the PPP loan program, check out our playlist on the PPP loan there, we have been doing videos on how to apply eligibility, a lot of information there. Take care.
God bless you. Bye-bye.