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Posted on January 13, 2021

The Small Business Administration (“SBA”) and the US Department of Treasury reopened the Paycheck Protection Program (“PPP”) Loan Application portal this week to accept applications from borrowers that are applying for their first PPP loan, for modifications to their existing PPP loan, or for a second PPP loan. Only community financial institutions will be able to make PPP loans initially, and all participating lenders will be able to lend shortly thereafter. This article summarizes the SBA’s latest guidance on applying for a “first draw” or “second draw” PPP loan, including what is considered a “first draw” versus a “second draw” and the requirements for a “second draw” loan.