Paycheck Protection Program Loans
IMPORTANT Updates regarding PPP Loans
August 5, 2021 | The Small Business Administration has launched a new way to apply for loan forgiveness.
Their PPP loan forgiveness application can be completed in less than 5 minutes by clicking here and following instructions provided by the SBA. You can access SBA PPP Direct Forgiveness customer service by calling 877-552-2692.
June 1, 2021 | PPP funding exhausted as loan application deadline passes
The Paycheck Protection Program has closed to new loan applications, more than a year after the emergency program was enacted. Norry Bank is proud to have worked with customers on 273 loans over the last 12 months, both in loan origination and forgiveness requests.
Small Business Administration officials said they expected PPP funds to be exhausted before the deadline. The SBA has until June 30 to complete processing loan approvals.
Forgiveness Requests: The SBA is working to further streamline and expedite the processing of forgiveness requests with a goal to process all requests within 30 days of receipt, according to the officials. Learn more about applying for loan forgiveness on the SBA’s website.
May 6, 2021 | The Small Business Administration will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. Borrowers can be matched with lenders currently eligible to participate through the Lender Match Portal.
January 15, 2021 | SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. EST. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020.
Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.here.
For Second Draw applicants with prior PPP Loans, access the application form here.
Contact your lender for assistance or to learn more. To find a lender near you, visit norrybank.com/locations and click on a branch location to view staff.