SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program loan portal at 9 a.m. ET Jan. 11.
The PPP loan portal system will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
PPP loans have an interest rate of 1%.
Loans issued prior to June 5 have a maturity of two years. Loans issued after June 5 have a maturity of five years.
Loan payments will be deferred for borrowers who...