SBA Re-Opening PPP for All Lenders by 1/19/2021

A 1/13/2021 U.S. Treasury Department Press Release reported that the SBA is re-opening the Paycheck Protection Program (PPP) loan portal: to small lenders on 1/15/2021, and to all lenders on 1/19/2021.   Background On 12/27/2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law. Containing extensions and expansions of the PPP, it provides additional funding for what has been a popular provision with many small businesses included in the Coronavirus Aid, Relief and Economic Security (CARES) Act . . . allowing eligible employers to obtain forgivable loans for certain payroll and non-payroll purposes. Important changes from the CAA include: authorizing an additional $284 billion towards the PPP, extending the PPP to 3/31/2021, and allowing for Second Draw loans for certain smaller businesses that initially received...