Revamped Paycheck Protection Program Opens, Application Forms Released

As we mentioned last week, the U.S. Small Business Administration (SBA) and Treasury released the loan application forms for the revamped Paycheck Protection Program (PPP). The application portals, which launch today, are open for small community financial institutions to submit for minority, underserved, veteran, and women-owned businesses and will be open to all other businesses in the following days.

PPP Loan Applications Forms

• Form 2483 – Paycheck Protection Program Borrower Application Form (updated from previous iterations)
• Form 2483-SD – PPP Second Draw Borrower Application Form (a new form for qualified PPP borrowers seeking the second draw of forgivable loans to survive financial struggles due to the pandemic)

The SBA and Treasury have also published an overview of the first and second-draw PPP loans, along with procedural notices.

• 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

BMF Advisors are here to help you navigate your application form and submission.