Back on January 8, 2021, the SBA release the new guidance for PPP:
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
The SBA set up different dates for each financial institution, prioritizing the community financial institutions (CFI) who serves minorities, women owned, and similar businesses:
To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.
On January 13, 2021, the SBA release the opening for small lenders and all lenders
The SBA … will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET.
Link SBA 13, 2021 – https://www.sba.gov/article/2021/jan/13/sba-re-opening-paycheck-protection-program-small-lenders-friday-january-15-all-lenders-tuesday