Skip to main content

PPP Applications Resume On Monday

Keith Griffin
Apr 24, 2020
Small Business Administration headquarters

The Treasury Department and the Small Business Administration have jointly announced that applications for the Paycheck Protection Program (PPP) will resume this Monday, April 27, at 10:30 a.m. President Trump yesterday signed legislation for a second round of funding after the first quickly expired.
The heads of the SBA and Treasury said in the joint statement, “We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply.  Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.”
As NMP previously reported, the latest stimulus legislation provides approximately $320 billion in additional funding for the PPP, including $60 billion for community banks and smaller lenders. With this new round of funding, more than $670 billion will have been injected into the U.S. economy to combat the effects of COVID-19 on the nation.
The PPP was created as part of the more than $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, which converts the small business loans to grants and would be fully forgiven if 75 percent of the loan is used to keep employees on the payroll. The PPP’s funding was depleted in early April, as Congress pushed this latest stimulus package to further aid small businesses and inject some much needed help into a down economy.

Apr 24, 2020
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021
Realtors Encouraged By Biden Plan to Expand Housing Supply

Administration Said Wednesday It Plans To Add 100,000 Affordable Homes In 3 Years

Regulation and Compliance
Sep 03, 2021
Biden Administration Announces Plan For Affordable Housing

President Biden and his administration firmly believe it is time to intervene in the housing market.

Regulation and Compliance
Sep 01, 2021