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Paycheck Protection Loan (PPP)

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With the new $284 billion Congressional appropriation for small business relief, the federal Paycheck Protection Program (PPP) is now open for new borrowers and certain existing PPP borrowers.

 

Community financial institutions are currently able to make First Draw PPP Loans and Second Draw PPP Loans on Wednesday, January 13. The PPP program will open to all participating lenders shortly thereafter. Review this list of participating Colorado Community Development Financial Institutions.

 

In the new rounds of PPP, businesses that use an agent to file their PPP applications will be responsible for covering the corresponding expense for their service. In the 2020 PPP allocations, the lender paid that fee; however, businesses are now responsible for the fee and cannot use PPP funds to reimburse themselves. For PPP applicants that have previously received PPP loans, the financial institution which processed last year’s loan is your best place for you to begin new inquiries.

 

In preparation, this Prepare for the PPP document outlines the key elements needed to prepare for your PPP application.

 

Finally, to help guide you through the process, the following links provide detailed information for each corresponding element of the federal stimulus:

SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. It will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries and Second Draw PPP Loans on Wednesday, January 13.

 

To apply, contact your PPP lender and complete the correct form. Review this list of participating Colorado Community Development Financial Institutions.

 

In the new rounds of PPP, businesses that use an agent to file their PPP applications will be responsible for covering the corresponding expense for their service. In the 2020 PPP allocations, the lender paid that fee; however, businesses are now responsible for the fee and cannot use PPP funds to reimburse themselves. For PPP applicants that have previously received PPP loans, the financial institution which processed last year’s loan is your best place for you to begin new inquiries.

 

Loan Forgiveness Application: "The Long Form"

PPP EZ Loan Forgiveness Application: "The Short Form"

Loan Forgiveness Application: 3508S (for amounts under $50,000)

Additional Loan Forgiveness Documents

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