ICBA release PPP, EIDL, EIDL Advance, and Stimulus Package
​ICBA Community Banking Resource Page

• 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.​

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PPP Loan Forgiveness 

• Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
• PPP Loan Forgiveness Application Form 3508
• PPP Loan Forgiveness Application Form 3508EZ
• PPP Loan Forgiveness Application Form 3508S
• Borrower’s Disclosure of Certain Controlling Interests

Portal Opening

• In an announcement Friday, Jan. 8 and separate message Sunday, Jan. 10, the SBA said the PPP loan portal will open at 9 a.m. (Eastern time) Monday, Jan. 11, for new borrowers and certain existing PPP borrowers.
• Only certain community financial institutions will be able to make first-draw PPP loans Monday, Jan. 11, and second-draw PPP loans this Wednesday, Jan. 13.
• The Economic Aid Act sets aside $15 billion of the new PPP funding for “community financial institutions.”
• These are defined as Treasury-certified Community Development Financial Institutions, FDIC-designated Minority Depository Institutions, Certified Development Corporations, and certain non-profit or governmental microloan intermediaries.
• Therefore, not all community banks are eligible for access today.
• The PPP will open to all participating lenders shortly thereafter.
• The SBA 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) Jan. 15. The reopening applies to both first- and second-draw applications.
• ​The portal will fully open to all participating PPP lenders on Tuesday, Jan. 19. The SBA also said it plans to have dedicated service hours for smaller lenders after the portal fully reopens.

​New Portal User Guides

• PPP Lender Instructions – Origination Systems User Guide
• PPP Lender Instructions – API Technical Information
• SBA PPP Lender Hotline: 833-572-0502
• More PPP Platform Resources

Updated First Draw Forms

• Form 2483 – First Draw Borrower Application
• Form 2484 – First Draw Lender Guaranty Application

 
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

 
1/8/2021 SBA announcement  on the PPP launch:

• The PPP will reopen Monday for new borrowers and certain existing PPP borrowers.
• Only certain community financial institutions will be able to make first-draw PPP loans Monday and second-draw PPP loans Wednesday.
• The Economic Aid Act sets aside $15 billion of the new PPP funding for “community financial institutions.”
• These are defined as Treasury-certified Community Development Financial Institutions, FDIC-designated Minority Depository Institutions, Certified Development Corporations, and certain non-profit or governmental microloan intermediaries.
• The PPP will open to all participating lenders shortly thereafter.

 
SBA Announcements

• An interim final rule on the amended PPP.
• An interim final rule on second-draw PPP loans.
• Guidance for minority-, underserved-, veteran- and women-owned businesses.

 
More information is available here:

• ​The SBA and Treasury PPP pages.
• An Independent Bankers Association of Texas matrix of PPP updates in the stimulus law.
• ICBA's summary of the stimulus package's community banking provisions.​

FAQ's from the Independent Bankers Association of Texas
When may lenders begin processing loan increase on First Draw PPP loans?
Lenders may approve increases on First Draw PPP loans starting on January 25, 2021.
 
Is a loan that is forgiven eligible for a First Draw PPP loan increase?
If the SBA has remitted a forgiveness payment on the First Draw PPP loan, no loan increase or reapplications are allowed.
 
Is a loan that has been submitted for forgiveness eligible for a First Draw PPP loan increase?
Yes.  Loans that have been submitted for forgiveness, but where SBA has not yet remitted a forgiveness payment are eligible for an increase. .  This applies to all PPP loans, including loans to partnerships, seasonal employers and farmers and ranchers. 
 
Must the customer use the same bank for a loan increase on a First Draw loan?
First Draw PPP loan increases can be made only by the lender of record.  This is the current owner of the First Draw PPP loan.  If the First Draw PPP loan was sold after loan origination, then the Lender of Record is the lender that purchased the loan.
 
Can a loan that was fully repaid be eligible for reapplication?
Yes, if the loan was fully repaid by the borrower returning the original loan amount and the lender reported the loan as “cancelled” or “paid in full” before December 27, 2020.  In these instances, the borrower may reapply for a new First Draw PPP loan in an amount for which the borrower is eligible under PPP rules. The Procedural Notice includes directions on changing a borrower’s loan status from “paid in full” to “cancelled” to allow the borrower to reapply under the First Draw PPP rules.
 
Can a borrower that returned part of a First Draw PPP loan apply to receive those returned funds again?
Yes.  If a borrower returned part of their First Draw PPP loan (and the SBA has not yet remitted a forgiveness payment), the lender may approve a borrower’s request for a loan increase and re-disburse funds equal to the difference between the amount retained by the borrower and the amount previous approved.
 
Can a borrower that did not accept the full amount of a First Draw PPP loan apply for the additional amount for which they are eligible?
Yes.  In these instances the borrower may receive a loan increase up to the among for which the borrower was originally eligible, if the SBA has not yet remitted a loan forgiveness payment on the original loan. The procedural notice provides details on how these situations should be handled within E-Tran.
 
Are loans under review by the SBA eligible for First Draw increases?
Where a loan is under review by the SBA, the borrower will be deemed an “unresolved borrower” and will not be eligible for a loan increase until the loan is resolved by the Small Business Administration.
 
Will lenders receive processing fees for loan increases?
Yes.