Paycheck Protection Program loan portal opens

The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, opened the Paycheck Protection Program (PPP) loan portal today — Monday, Jan. 11, 2021 — at 9 a.m. Eastern time. The PPP loan portal system will initially accept First Draw PPP loan applications from participating Corporate Finance Institutes (CFIs), which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.

Please note: guidelines have changed this go-round.  Loans are limited to business owners with 300 or fewer employees instead of 500. To qualify, applicants must also show a revenue reduction of 25% (gross receipts). The guidelines are clear that this reduction needs to compare the same time frame in 2020 as 2019. For example, Q1 2020 vs. Q1 2019, or the entire year of 2020 vs. 2019.    

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