At this time we are no longer accepting SBA PPP Loan Applications. However, please check back as changes or updates can occur without notice. (4/1/2021)
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
Guidance & Resources
Important Information
IMPORTANT TIME LAPSE — NEW FEATURE ALERT FROM SBA:
There will be a time lapse between the time a Lender submits a PPP application to SBA and the time SBA provides an SBA loan number back to the Lender due to additional front-end compliance checks.
For 2nd Draw PPP Loans:
Loans under $150,000 – Gross Receipts Reduction in excess of 25%. SBA does not require documentation to evidence the reduction at time of application but does require it prior to seeking loan forgiveness. However, we (NavyArmy) will require documentation to support the 25% reduction in gross receipts at the time of application to ensure the applicant qualifies.
*Loan Amount for Draw 2 Loans – You may use 2019 or 2020 payroll figures to determine your loan amount.
For more information on updates, visit sba.gov/ppp or treasury.gov/cares.
For more information about NavyArmy's Covid-19 Response, click here.
Frequently Asked Questions:
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