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PPP Loans Open to Small Banks Friday, All Lenders Tuesday

Jan. 13, 2021, 11:50 PM

The Paycheck Protection Program, which restarted this week with $284 billion in pandemic-relief loans for U.S. small businesses, will open to small banks on Friday and all lenders next Tuesday.

Banks with $1 billion or less in assets will be able to send in applications for business owners seeking a PPP loans for the first time and those applying for a second one on Friday at 9 a.m., the U.S. Small Business Administration said. All PPP lenders will have access to the agency’s loan portal next week.

Starting Monday, the SBA had made the loans exclusively available to community lenders...

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