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Michigan Credit Union League

SBA PPP Loan Update and Webinar Registration

Notice: Paycheck Protection Program resumes January 11, 2021 at 9am ET

Beginning today, the U.S. Small Business Administration has begun accepting PPP loan applications from community-based lenders with CDFIs and MDIs, specifically. At this time, only these lenders are allowed to process applications for first time PPP borrowers. It is anticipated that starting this Wednesday, Jan. 13, other PPP borrowers, including credit unions that are not CDFI- or MDI-designated, can participate in issuing PPP loans and borrowers looking to take out a second loan will be able to submit applications.

Click here to read the SBAs notice.

Interagency Paycheck Protection Program webinar set for Jan. 11

U.S. Small Business Administration (SBA) and Treasury Department will present an overview of the new Paycheck Protection Program (PPP) features associated with the recently passed Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

This webinar will take place Today, Monday, Jan. 11, at 2 p.m. (ET). Click this link to register now.

This presentation is open to all SBA lenders who participated in the SBA PPP lending program.

During the webinar, SBA and Treasury will:

  • Provide a timeline for the rollout of the new PPP programs;
  • Provide an overview of the PPP loan programs including first and second draw loans; and
  • Discuss new forms and guidance.

A brief Q&A session will follow the presentation. Participants are encouraged to submit questions in advance to asktheregulators@stls.frb.org.

To accommodate the participation of as many PPP lenders as possible, no more than two representatives from each institution may attend the live session.

Register now.

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2021-01-11 00:00:00