The US Small Business Administration and Treasury released borrower loan application forms Friday night for the rebooted Paycheck Protection Program (PPP2), which will launch Monday, January 11, 2021, initially for select lenders and borrowers before a broader opening takes place a few days later.
The forms are Form 2483 – Paycheck Protection Program Borrower Application Form and Form 2483-SD – PPP Second Draw Borrower Application Form. The Application Form is updated from previous versions that started with the original PPP program. Form 2483-SD is a new form for qualified PPP borrowers to seek a second draw of a forgivable loan as they try to navigate economic seas churning in the throes of the COVID-19 pandemic.
The SBA and Treasury also published summaries of the first-draw and second-draw PPP loans and a pair of procedural notices.
Initial Applications Available for Community Financial Institutions
The SBA opened the program initially to community financial institutions (CFIs) that serve minority- and women-owned businesses to make loans. Specifically, CFIs can begin making loans to first-time PPP borrowers on Monday and second-time PPP borrowers on Wednesday.
The SBA and Treasury said the PPP would open to all lenders a few days after the opening for CFIs, but they did not specify a date.
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