SBA issues resources as PPP fully reopens today

The SBA over the weekend issued additional resources on the Paycheck Protection Program, which will fully open to all participating lenders today:

• How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type
• Procedural Notice - PPP Borrower Resubmissions of Loan Forgiveness Applications Using Form 3508S, Lender Notice Responsibilities to PPP Borrowers, and Offset of Remittances to Lender for Lender Debts
• Procedural Notice - Paycheck Protection Program Excess Loan Amount Errors
• A reminder to make sure the PPP first-draw loan number is included in the second-draw PPP loan application. PPP lenders should ensure borrowers have easy access to their SBA loan numbers, which have the following format: XXXXXXXX-XX.

Today's reopening applies to both first- and second-draw applications. The SBA previously released instructions for accessing the updated PPP lender portal, new application forms, and additional procedural notices.

These resources and additional information are available here:

• The SBA and Treasury PPP pages.
• ICBA's PPP and EIP News page.
• The recording of ICBA's latest Community Bank Briefing.
• The Independent Bankers Association of Texas's matrix of PPP updates in the stimulus law.
• ICBA's summary of the stimulus package's community banking provisions.