Paycheck Protection Program re-opened Monday

Information by: Oregon State Chamber of Commerce

The Paycheck Protection Program (PPP) re-opened on Monday, January 11 for new borrowers and certain existing PPP borrower, according to the U.S. Small Business Administration (SBA)  

To promote access to capital, SBA will be providing early PPP access for first-time applicants through community financial institutions. These community financial institutions will begin providing PPP loans to first-time applicants starting Monday, Jan. 11, and will open up to second-time PPP applicants on Wednesday, Jan. 13. The PPP will open to all participating lenders shortly thereafter.  

Businesses interested in a PPP loan (first or second), particularly those unable to access PPP with a traditional bank or credit union, are encouraged to get in touch as soon as possible. One such participating CDFI is MoFi.org. You can contact your local SBA office for more information on community financial institutions offering early access to PPP here.

If you received a initial PPP loan from a bank or credit union during the first round, please contact them regarding a second loan.

Updated PPP guidance can be found here:

• PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns;
• Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act;
• Interim Final Rule on Second Draw PPP Loans.