Starting today, community financial institutions (Community Financial Development Institutions, Minority Depository Institutions, Community Development Corporations or Microlenders) can submit First Draw PPP loan applications to the SBA and on Wednesday, they will be able to submit Second Draw PPP loan applications. Just a few days following, the PPP will re-open to all participating PPP lenders for First and Second Draw PPP loans.
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.
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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.
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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. Stay up to date by following @SBA_Illinois on Twitter and visiting us online at www.sba.gov. More specifically, the best source of accurate information on the PPP is http://www.sba.gov/paycheckprotection and for Economic Injury Disaster Loans, which are available through Dec. 31, 2021, and other grants it is www.sba.gov/disaster.