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The SBA Will Re-Open the Paycheck Protection Program to All Lenders on Tuesday, January 19th

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The SBA Will Re-Open the Paycheck Protection Program to All Lenders on Tuesday, January 19th

Posted on by Fox Communities

Update as of January 19, 2021: We are now accepting applications for the Paycheck Protection Program

The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will fully re-open the Paycheck Protection Program (PPP) loan portal to all PPP-eligible lenders on Tuesday, January 19, 2021 to submit First and Second Draw loan applications to SBA. Do you have additional questions about the PPP? Please see these Frequently Asked Questions.

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. For more information on First Draw Loans, visit the SBA Website.

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. For more information on Second Draw Loans, visit the SBA website.

If you are interested in the Paycheck Protection Program, please fill out the form below. We will respond to you within 1-2 hours, during regular business hours. To apply with Fox, a business member must have had an account with us prior to December 31, 2020. By filling out this form, we are able to provide you with a more efficient application experience. 

Before you begin this process, make sure you have done the necessary payroll calculations! To find the appropriate figures for your business, visit the SBA website.

2021 PPP Contact Form
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