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Paycheck Protection Program will reopen Jan. 15

Lenders with under $1 billion in assets can begin receiving applications

January 13, 2021

By Jennifer Garvin

The U.S. Department of Treasury and Small Business Administration announced Jan. 13 that lenders with less than $1 billion in assets will be eligible to receive first and second draws in Paycheck Protection Program loan applications beginning Friday, Jan. 15.

Lenders with more than $1 billion in assets will be able to receive applications beginning Jan. 19. The program was previously only open to smaller community banks.

The ADA will be streaming a free webinar Jan. 14 at noon EST on the new COVID-19 relief legislation and its implications for small business loans, taxes and labor issues as well as sharing updates on COVID-19 vaccines as they relate to dental practices. Register here.

The ADA has also developed a fact sheet with a Q&A for dentists interested in learning more about the Paycheck Protection Program and other small business loans. Download the fact sheet here.

For the latest updates about issues surrounding COVID-19, visit ADA.org/virus.