The SBA announced late last week that the program will open starting TODAY, Monday, Jan. 11. Please take note that this is a TIERED OPENING – not all banks will be able to begin taking applications then.
What this means:

• Larger banks will most likely NOT be opening up their application process until later in the week;
• On Monday, Jan. 11, only community financial institutions will be able to start taking first-draw PPP loans (these are smaller banks, credit unions, CDFI’s and basically any other lender with less than $1B in assets);
• On Wednesday, these same institutions will be allowed to start taking applications for second-draw PPP loans;
• SBA is planning to post the new application sometime this weekend so borrowers can get an idea of what’s required ahead of the formal application process opening up next week; and
• SBA is telling us that loan number generation will NOT be automatic as before – meaning the process may take a bit longer to protect against fraud, please be patient.
• This tiered roll-out is designed to serve those hardest hit first, as dictated by the legislation overseeing this new round of PPP.

We will provide additional information as it becomes available.