January 14, 2021

Dear Clients, Colleagues and Friends,

The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced yesterday that they will re-open the Paycheck Protection Program (PPP) Loan portal to all participating PPP lenders to submit First Draw and Second Draw PPP Loan applications beginning Tuesday, January 19, 2021. The SBA also announced they will expand their exclusive “early“ PPP access from community financial institutions to PPP-eligible lenders with $1 billion or less in assets beginning Friday, January 15, 2021.

Please refer to our prior Alert regarding the guidelines for the new PPP round. We strongly encourage eligible borrowers to check with their PPP lenders to confirm when they will begin accepting new PPP applications.

For all of our COVID-19 updates, please visit our website at www.pntax.com and our COVID-19 updates page at https://www.pntax.com/covid-19/.

If you have any questions or need further information, please contact your Presti & Naegele professional directly, or dial 212-736-0055 for immediate assistance. Stay safe.

Presti & Naegele