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      • The Progress
      • View On Magazine
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      • Charles Hughes Middle School
      • College of Southern Nevada
      • JL Bowler Elementary School
      • Virgin Valley Elementary School
      • Virgin Valley High School
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      • Silver Rider Transit
      • St. George Express
      • Harry Reid International Airport
      • Mesquite Municipal Airport
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      • Kayenta Arts Foundation
      • Mesquite Fine Arts Center
      • Southern Nevada Symphony Orchestra
      • Tuacahn Center for the Arts
      • Virgin Valley Theatre Group
      • Virgin Valley Artists Association
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      • Camel Safari
      • National Parks
      • Nevada Travel Guides
      • State Parks
      • Virgin Valley Heritage Museum
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      • Dotty's
      • Eureka Casino Resort
      • Golden West
      • Mesquite Gaming
      • Stateline Casino
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      • Business Location
      • Mesquite Map Center
      • Parks & Trails Map
    • Nightlife >
      • Casablanca Resort
      • Eureka Casino Resort
      • Stateline Casino
      • Virgin River Casino
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      • Friends of Gold Butte Events
      • Mesquite Parks and Trails Map
      • Nevada Off-Highway Vehicle Commission
      • Valley of Fire State Park
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Press Releases

SBA Re-Opens PPP to Community Financial Institutions First

1/11/2021

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Community Financial Institutions get dedicated access starting today

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WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access exclusively to community financial institutions (CFIs) that typically serve these concerns.
 
When the PPP loan portal re-opened today, it initially accepted 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. These lenders made up approximately 10% of all PPP participating lenders in 2020. A First Draw PPP loan is for those borrowers who have yet to receive a PPP loan before the program closed in August 2020.
 
On Jan. 13, 2021, participating CFIs may begin submitting application information to SBA for Second Draw PPP loans. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and has suffered a 25% reduction in gross receipts. At least $15 billion is set aside for additional PPP lending by CFIs.
 
A few days later, additional lenders will be able to submit First and Second draw PPP loan applications. SBA will continue to provide updates on systems operations during the week of Jan. 11, 2021. Additionally, SBA plans to dedicate specific times to process and assist the smallest PPP lenders with loan applications from eligible small businesses.
 
The opening of the SBA loan system is designed to efficiently and effectively implement the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and to ensure increased access to the PPP for minority-, underserved-, veteran- and women-owned small business concerns. SBA also is calling upon its lending partners to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities.
 
Updated PPP Lender forms, guidance, and resources are available at www.sba.gov/ppp.

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Mesquite, NV 89027

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