New Round of Paycheck Protection Program Funds Begins

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A new round of Paycheck Protection Program money started becoming available to select lenders and borrowers on Monday, according to senior administration officials.

Community financial institutions -- approximately 10% of eligible lenders -- will be able to start accepting loan applications Monday for entities seeking their first PPP loans. On Wednesday, those same lenders can begin processing second-round loans for small businesses and nonprofits that have already used up their first loan, the officials said on a call with reporters Friday. The lending portal will be available for other eligible lenders and borrowers shortly thereafter.

Businesses might have to wait longer for their loan to be processed than they did in the spring. The applications will go through a series of automated checks before a loan number is issued. This could take about a day, the officials said.

Making the loans exclusively available to community lenders for several days and the additional identity checks are intended to correct some of the confusion and fraud seen during the first round in the spring. The program ran out of money within days as businesses rushed to claim the funds with few eligibility restrictions. Many very small businesses without close ties to a lender were shut out of the process and unable to get funding.

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