As Portal Opens Today for CDFIs, MDIs, SBA Revises PPP Borrower, Lender Forms
January 11, 2021
The Small Business Administration on Friday evening released updated borrower and lender guaranty applications for both first-draw and second-draw Paycheck Protection Program loans. The revised forms come as SBA plans to reopen its PPP portal Monday at 9 a.m. EST for certain lenders reaching underserved communities, including community development financial institutions and minority depository institutions. The portal will be open for second-draw loans by these lenders starting on Wednesday, and open to all lenders “shortly thereafter.”
The updated forms reflect congressionally authorized changes in the program, including eligibility for certain 501(c)(6) organizations, housing coops and media organizations and the lender requirement to confirm payroll costs by reviewing the applicant’s payroll documentation. The second-draw loan form requires the borrower to certify the drop in gross receipts required under the statute reauthorizing the PPP and defines how gross receipts are calculated. The lender form for second-draw loans requires the lender to comply with the interim final rule SBA issued on Jan. 6, which requires a good-faith review of the borrower’s calculations.
Download the borrower application for first-draw loans.
Download the lender guaranty form for first-draw loans.
Download the borrower application for second-draw loans.
Download the lender guaranty form for second-draw loans.