Job Creators Network Applauds SBA/Treasury Announcement on PPP
Washington, DC (January 14, 2021) — Today, the Small Business Administration (SBA) and the Treasury Department announced that the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets will reopen for First and Second Draw applications on Friday at 9 am ET. The portal will fully open on Tuesday to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
“The single most important part of America’s economic recovery is the PPP. During the first wave of the pandemic, PPP distributed roughly five million forgivable loans worth over $500 billion, saving 51 million jobs. Then, when the program expired in August, it was held hostage by partisan wrangling for nearly five months. Thankfully, the economic relief bill signed by President Trump on December 27th includes nearly $300 billion in additional PPP funds. Today, SBA and the Treasury Department announced those funds will start becoming available again tomorrow – and they can’t come soon enough. Today, the Labor Department announced that first-time unemployment claims rose to 965,000 last week, the most since late August. JCN worked closely with Administration and congressional leaders to set up PPP and make it successful. We will continue doing all we can to make it successful going forward.”