SBA, in consultation with the U.S. Treasury Department, opened the Paycheck Protection Program loan portal on Monday, January 11, 2021, at 9 am ET.  When the PPP loan portal system opens, it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.

Loan Details

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

How To Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. 

If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:

Supplemental Materials

Affiliation Rules

Loan Forgiveness

Borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender.

Frequently Asked Questions about PPP Loan Forgiveness (10-13-20)

PPP Opened Jan 11 for First Draw PPP Loan Applications

Starting today, community financial institutions (Community Financial Development Institutions, Minority Depository Institutions, Community Development Corporations or Microlenders) can submit First Draw PPP loan applications to the SBA and on Wednesday, they will be able to submit Second Draw PPP loan applications. Just a few days following, the PPP will re-open to all participating PPP lenders for First and Second Draw PPP loans.

Updated PPP Loan Applications and Process Details

Updated applications have been released for First Draw and Second Draw PPP loans. PPP applications must go through participating PPP lenders, who then route them to the SBA for approval. Per this guidance, the SBA continues to call upon our lending partners to assist eligible borrowers in underserved and disadvantaged communities and address potential barriers to access to capital.

Application: First Draw PPP Loan

Application: Second Draw PPP Loan

If you are seeking economic aid via the PPP, we encourage you to start communication with your lender now to understand the financial institution’s processes.

What’s a First Draw PPP Loan and a Second Draw PPP Loan?

In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts.

Overview: First Draw PPP Loan

Overview: Second Draw PPP Loan

Stay up to date via Twitter & SBA.gov

We will continue to share details about additional economic aid being administered by the SBA for small businesses and other eligible organizations as soon as they are determined. Stay up to date by following us on Twitter and visiting us online at www.sba.gov. More specifically, the best source of accurate information on the PPP is http://www.sba.gov/paycheckprotection and for Economic Injury Disaster Loans, which are available through Dec. 31, 2021, and other grants it is www.sba.gov/disaster.