Today, the Small Business Administration (SBA) reopens the Paycheck Protection Program with a priority on small businesses, particularly minority businesses. During this early period, SBA will only accept applications from Community Development Financial Institutions, minority deposit institutions, certified development companies and micro-loan intermediaries. CDFIs serving North Carolina include Self Help Credit Union, M&F Bank, and Carolina Community Impact, Inc, and others.
Only applications from businesses that have yet to receive a PPP loan will be accepted initially through community financial institution lenders. At least $15 billion is being set aside for first time PPP loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods.
On Jan. 13, small businesses applying for a second PPP loan will be able to do so, but only through community financial institution lenders. 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. The $284.5 billion program was funded by the $900 billion federal stimulus bill that passed in December.
An overview of the First Draw PPP can be found here: https://home.treasury.gov/system/files/136/Top-line-Overview-of-First-Draw-PPP.pdf
An overview of the Second Draw PPP can be found here: https://home.treasury.gov/system/files/136/Top-line-Overview-of-Second-Draw-PPP.pdf
Forms can be found here:
Form 2483 – Paycheck Protection Program Borrower Application Form
Form 2483-SD – PPP Second Draw Borrower Application Form
Form 2483 – Paycheck Protection Program Borrower Application Form
Form 2483-SD – PPP Second Draw Borrower Application Form
Additional information can be found at this link: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-0