Regulatory Update: PPP Applications for Smaller Loans Open Friday

(from the Journal of Accountancy) The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the U.S. Small Business Administration and Treasury announced. The opening, which will take place at 9 a.m. ET, applies for both first- and second-draw PPP loans. The program will begin accepting applications for first- and second-draw loans from large lenders on Tuesday, Jan. 19. PPP reopened Monday initially for community financial institutions (CFIs) to make loans to first-time PPP borrowers. CFIs were allowed to make second-draw loans to previous PPP recipients starting Wednesday.

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