The National Lumber and Building Material Dealers association reports that the Small Business Administration has released new applications for “First Draw” and “Second Draw” Paycheck Protection Program (PPP) loans. The SBA will accept First Draw PPP loan applications from community financial institutions, including Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries. These institutions will be able to make Second Draw PPP loans starting on Jan. 13. The PPP will open to all participating lenders shortly thereafter. The new applications now include an option for 501(c)(6) organizations.
Small businesses can apply for a PPP loan 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. Members can view the most recent list of lenders participating in the Paycheck Protection Program by state here. Below you will find links to the new applications along with additional supplemental materials.
- Paycheck Protection Program First Draw Borrower Application Form
- Paycheck Protection Program Second Draw Borrower Application Form
- Top-line Overview of PPP First Draw Loans
- Top-line Overview of PPP Second Draw Loans
- Updated PPP Guidance (January 2021)
- SBA PPP Website