The SBA is rolling out the new PPP program in phases. Congress has allowed community and smaller lenders to begin processing applications first for borrowers in underserved communities. Specifically:
- Some smaller lenders began taking applications on January 11th to first time PPP customers and January 13th for second loan customers.
- Lending institutions with $1 Billion in assets or less are expected to start applications on Friday, January 15th.
- All other participating lenders with assets over $1 Billion, including Midland, are expected to begin taking applications on Tuesday, January 19th.
- We will update our page and open our online application portal as we know more and the SBA allows us to start taking applications for our customers.
How to Prepare
You may want to contact your accountant, attorney or other trusted advisors.
- Midland customers will be allowed to use our online application portal similar to PPP round one. If you aren’t a Midland customer, but wish to open a business account, please contact customer care to be put in contact with a Relationship Manager serving your area.
- Review the information and documentation outlined below to familiarize yourself with the new requirements and expected application.
- Keep checking back here for updates.
General Eligibility Highlights
The Economic Aid Act includes components for both first time PPP borrowers and businesses as second-time borrowers. The SBA has published a top line overview for each category that outlines general highlights for qualifying borrowers. We suggest that borrowers review these overviews for helpful guidance on topics such as the following:
- Forgiveness Terms
- Who Can Apply
- Reapplying and Loan Increases
First Draw PPP Top-line Overview
Second Draw PPP Top-line Overview
These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit SBA.gov and Treasury.gov.