2021 CARES Act & Paycheck Protection Program
Apply for PPP Loans Today
The Small Business Administration launched an online portal for eligible businesses to apply for Paycheck Protection Program (PPP) loans based on the latest Covid-19 stimulus package.
- Applications will initially be reserved for first-time community-based borrowers.
- In an effort to make the process more equitable, the SBA is aiming to prioritize the distribution of the much-needed aid to smaller and financially vulnerable business, including borrowers participating in Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.
- First-time borrowers are welcome to start submitting applications now.
- Second-time borrowers can start requesting a new loan starting on Wednesday, January 13.
According to the latest regulations approved by Congress, Business with fewer than 300 employees and who suffered a decrease in gross receipts of at least 25% in any one quarter of 2020 compared to the same quarter in 2019 are eligible to apply for the PPP loans.
How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:
Paycheck Protection Program First Draw Borrower Application Form (revised 01-08-21)
Paycheck Protection Program Second Draw Borrower Application Form (01-08-21)
Contact a local lender with any questions.
More information can be found here: SBA PPP User Guide
Information about the CARES Act of 2021 and other relief programs can be found here:U.S Treasury Department CARES Act of 2021
Please contact the Lomita Chamber of Commerce if you need assistance with any of these areas. We’re happy to connect you with a resource to help answer your questions.