Paycheck Protection Program
This information is intended to convey general information only and not provide legal advice or opinions. This information (and the posting and viewing of this information on the IBC website) should not be construed as legal advice, may not be current and is subject to change without notice.
Matrix Summary Chart - updated January 19
SBA, in consultation with the Treasury Department, has recently released additional PPP guidance and resources:
- Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (Released 1/19/2021)
- PPP Loan Forgiveness Application Form 3508 (Revised 1/19/21)
- PPP Loan Forgiveness Application Form 3508EZ (Revised 1/19/21)
- PPP Loan Forgiveness Application Form 3508S (Revised 1/19/21)
- Borrower’s Disclosure of Certain Controlling Interests (Released 1/19/2021)
Tuesday, January 19
SBA Guidance opens today for all banks
- Second Draw PPP Loans - How to Calculate Revenue Reducation and Maximum Loan Amounts Including What Documentation to Provide ( as of January 19)
- PPP How to Calcuate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provice - By Business Type (as of January 17)
- PPP Second Draw Borrower Application Form (expiration date 7/31/21)
The Small Business Administration just announced that it will reopen the Paycheck Protection Program loan portal to PPP-eligible lenders with $1 billion or less in assets at 9 a.m. (Eastern time) this Friday, Jan. 15. The SBA also said:
- The portal will fully open to all participating PPP lenders on Tuesday, Jan. 19.
- The reopening applies to both first- and second-draw applications.
- The SBA plans to have dedicated service hours for smaller lenders after the portal fully reopens.
The SBA has also released resources for the next round of PPP lending, including instructions for accessing the updated lender portal, new application forms for first- and second-draw loans, and procedural notices on approved lender status and reimbursing lenders for EIDL advances deducted from forgiveness amounts.
Additional PPP resources are available here:
- The SBA and Treasury PPP pages.
- ICBA's PPP and EIP News page.
- ICBA's summary of the stimulus package's community banking provisions.
Below is a link to the Colorado Office of Economic Development and International Trade web page URL you can refer businesses to for PPP 3 assistance and other business relief programs.
COVID-19 Business and Nonprofit Resources | Colorado Office of Economic Development and International Trade
On this page is the hotline info for SBDC and MBO consultants. They can take calls from small businesses and help them prep business financials and records to get ready to apply to PPP.
The Small Business Navigator can direct you to resources and answer questions about COVID-19 specific funding. Hours are Monday through Friday from 8:00 am to 5:00 pm.
Hotline: (303) 860-5881
Sunday, January 11
Tonight the SBA has finally released the technical information lenders need to access the updated PPP loan portal system. As a reminder, the portal opens tomorrow only for "community financial institutions" which are defined by the CARES Act to mean CDFIs, MDIs, Certified Development Companies, and Microloan Intermediaries.
Tonight's release includes two presentations for accessing the updated loan portal system. CFI lenders will be able to submit First Draw loans to SBA either via an Application Programming Interface (API) tool or entry of application data via web screen method. The first presentation contains information regarding API technical information. The second presentation is the SBA Paycheck Protection Platform Lender Instructions -- Origination Systems User Guide.
CFI Lenders may use the SBA PPP Lender Hotline at 833-572-0502 and find more PPP Platform Resources at: https://forgiveness.sba.gov/.
Read the new Paycheck Protection Platform API Technical Information HERE.
Read the SBA Paycheck Protection Platform Lender Instructions -- Originations Systems User Guide HERE.
The SBA will continue to provide updates on operations the week of January 11 it also plans to dedicate specific times to process and assist the smallest PPP lenders with loan applications from eligible small businesses.
Friday, January 8
The SBA just released a series of forms and guidance for the next round of Paycheck Protection Program lending starting for certain lenders on Monday:
Updated First Draw Forms
Second Draw Forms
- Form 2483-SD – Second Draw Borrower Application
- Form 2484-SD – Second Draw Lender Guaranty Application
Guidance & Resources
- Top-Line Overview of First Draw PPP Loans
- Top-Line Overview of Second Draw PPP Loans
- Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only)
- Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement