SBA announces updated PPP Loans, process details

OLYMPIA - 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. 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.
Difference Between 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.
Stay Up to Date at 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. visiting us online at sba.gov.
More specifically, the best source of accurate information on the PPP is sba.gov/paycheckprotection and for Economic Injury Disaster Loans, which are now available through Dec. 31, 2021, and other grants it is sba.gov/disaster.
 

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