The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will reopen the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or fewer in assets on Jan. 15. The portal will fully open on Jan. 19 to all participating PPP lenders.
The U.S. Small Business Administration extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 pandemic disaster declaration to Dec. 31, 2021. The deadline extension comes as a result of the recent COVID-19 relief bill.
The U.S. Small Business Administration provided fiscal year 2020 summary loan data, reporting that loans guaranteed through traditional SBA lending programs exceeded $28 billion while the Paycheck Protection Program provided an additional $525 million.