PPP Application Forms Released
 
Marty McCarthy, CPA, CCIFP
Focused on You. Dedicated to Your Success.
January 11, 2021

(Journal of Accountancy) The U.S. Small Business Administration and Treasury released borrower loan application forms for the rebooted Paycheck Protection Program (PPP), which will launch today, initially for select lenders and borrowers before a broader opening takes place in a few days.

The forms are Form 2483 – Paycheck Protection Program Borrower Application Form and Form 2483-SD – PPP Second Draw Borrower Application Form. Form 2483 is updated from previous iterations that started with the original PPP program. Form 2483-SD is a new form for qualified PPP borrowers to seek a second draw of a forgivable loan as they try to navigate economic seas churning in the throes of the COVID-19 pandemic.

The SBA and Treasury also published top-line summaries of the first-draw and second-draw PPP loans and a pair of procedural notices.

The document release came after the SBA and Treasury announced that the application window for $284 billion in PPP forgivable loans would reopen today initially for community financial institutions (CFIs) that serve minority- and women-owned businesses to make loans. Specifically, CFIs can begin making loans to first-time PPP borrowers on Monday, January 11, 2021  and second-time PPP borrowers on Wednesday, January 13, 2021. The SBA and Treasury said the PPP would open to all lenders a few days after the opening for CFIs, but they did not specify a date. Read more.

We will continue to keep you updated. Please visit our COVID-19 Resource Page for more alerts.

Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@MCC-CPAs.com. I can be reached at Marty.McCarthy@MCC-CPAs.com. As always, we are happy to help.

Stay safe,

Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company

Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).