The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, has opened the Paycheck Protection Program (PPP) loan portal.

“The opening of the SBA loan system is designed to efficiently and effectively implement the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and to ensure increased access to the PPP for minority, underserved and women owned small businesses,” U.S. Congressman Bob Latta said.

The portal is currently accepting first and second draw PPP loan applications from participating Community Financial Institutions (CFIs), which include Community Development Financial Institutions, Minority Depository Institutions (MDIs), Certified Development Companies and Microloan Intermediaries.

More information from the SBA, including necessary forms, can be found on the sba.gov website.

Eligible applicants for first draw loans that did not receive a PPP loan prior to August 8, 2020 now have the ability to apply for a PPP first draw loan on or before March 31, the congressman said.

First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations, he explained.

The second draw PPP loans are for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25 percent reduction in gross receipts, Congressman Latta said.

At least $15 billion is set aside for additional PPP lending by CFIs, he added.

“SBA also is calling upon its lending partners to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities,” the congressman noted.

For more information, contact Congressman Latta’s office at 1-800-541-6446 or his website latta.house.gov.