On Friday, The Small Business Administration and Treasury Department officially announced the Jan. 11 start date for the next round of the Paycheck Protection Program.
According to the joint press release, community financial institutions will be able to begin making First Draw loans on Mon., Jan. 11 and Second Draw loans on Wed., Jan. 13, in order to “promote access to capital”. All other lenders will have access to the next round of PPP “shortly thereafter”, although the SBA and Treasury did not specify an exact date.
The announcement of reopening dates for the program follows two Interim Final Rules released by the Treasury Department on Jan. 6. You can get a high level overview of those IFRs here, and a further breakdown of them by watching our Jan. 7 Q&A session here.
As the No. 1 platform for PPP Originations and Forgiveness, we’ve already begun incorporating this guidance into our solution to ensure our lenders are prepared to support their borrowers when the program reopens next week. That’s important, when considering the obstacles they’re facing in the lead up to Jan. 11 and Jan. 13.
Dan Primack, business editor at Axios, summarized some of the obstacles lenders will face in the coming days:
One huge change for PPP program is that they're putting new software in place, on top of regular system. and lenders are pretty freaked out about new API implementation at last-minute.— Dan Primack (@danprimack) January 8, 2021
More than 120 lenders have chosen to process PPP loans and Forgiveness with Numerated because of our market-leading API integrations into both the SBA originations and forgiveness platforms. Numerated’s platform accommodated thousands of users--and hundreds of thousands of transactions--with proven success, stability, and scalability. It’s what’s helped lenders efficiently process more than 250,000 PPP loans for their borrowers, totaling more than $34.5B during the last round of PPP Originations and Forgiveness.
As Treasury Secretary Steven Mnuchin stated in today’s press release, “We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”
With just three days to go before PPP reopens, Numerated is here as a partner with an unparalleled track record of success in helping banks and credit unions get these critical funds to their businesses. In that effort, we’re continuing our daily PPP Round 3 Prep and Launch Week Q&A Series today through Jan. 15 to help you get started strong in this next round of originations.
Register for today’s 3pm EST session, and the rest of the series, here.