PPP Reopens January 11 for First-time Borrowers at CDFIs

Date: January 09, 2021

The Paycheck Protection Program (PPP) will reopen Monday, January 11, 2021, for first-time borrowers at community financial institutions (CDFIs). Second-time borrowers will be able to apply Wednesday at CDFIs. The Small Business Administration says other lenders will be able to make loans shortly thereafter.

Businesses can apply for a second loan if they used, or will use, the full amount of their first PPP loan, have fewer than 300 employees, and can demonstrate at least a 25% drop in gross receipts in 2020.

Loans in this round – PPP 2.0 – can cover additional expenses beyond those covered in the first PPP. The news expenses include operations expenditures, property damage costs, supplier costs, and worker protection expenditures.

Businesses or self-employed individuals considering a PPP loan should prepare now to apply.

  1. Download the PPP application: First PPP Draw Borrower Application (Updated 1/8/21) | Second PPP Draw Borrower Application  (Released 1/8/21)
  2. Find a bank that is participating in PPP 2.0 (*note* borrowers are not required to use their lender from the first PPP). SBA’s lender match can be found here.
  3. Keep up with the latest, check out NFIB’s coronavirus resources on nfib.com and join NFIB’s COVID-19 webinar series.

Updated January 9, 2021

Related Content: Analysis | Coronavirus | National

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