SBA Rolls Out More Paycheck Protection Program Materials
The U.S. Small Business Administration’s Paycheck Protection Program is now open through most lenders and to businesses seeking a first, or a second loan. To help businesses determine how much they can borrow, on January 19, the SBA released the following new or revised documents:
- Guidance on how to calculate requests for a second PPP loan;
- Longer-form application for PPP forgiveness;
- PPP Loan Forgiveness Application Form 3508EZ;
- PPP Loan Forgiveness Application Form 3508S; and
- Borrower’s Disclosure of Certain Controlling Interests.
The SBA said that, in the first week back online, nearly 60,000 borrowers were approved for more than $5 billion in loans. The average PPP loan was below $20,000 for first-time borrowers and less than $75,000 for second-time borrowers that applied last week.