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The Small Business Administration announced today banks with $1 billion or less in assets can beging processing First and Second Draw Paycheck Protection Program loan applications beginning Friday, Jan. 15. at 8:00 a.m. CST. All lenders can submit PPP applications on Tuesday, Jan. 19. Nebraska banks are ready to help ensure this critical program reaches businesses and organizations in need. Nearly $285 billion is available to loan during this round. In addition to payroll costs, rent and utilities, the covered eligible expenses have been expanded to include operations expenditures, property damage costs, supplier costs and personal protection equipment expenditures. Eligibility has been extended to include 501(c)(6)s, housing cooperatives and other organizations. Businesses who received a first draw PPP loan that have fewer than 300 employees may be eligible for a second PPP loan if they have experienced a revenue reduction of at least 25% from 2019 to 2020. New federal program guidance also provides new application and forgiveness requirements. “During the first rounds of PPP loan applications, Nebraska small businesses and agricultural producers overwhelmingly looked to Nebraska banks to help them easily access PPP loans,” said NBA President and CEO Richard Baier. “Our member banks are again ready to back Nebraska’s small businesses and organizations as they navigate the ongoing pandemic.” Over 44,000 PPP loans totaling over $3.4 billion were approved in Nebraska during the first rounds. More than 90% of those loans were under $150,000. Media Contact: Kara Heideman, Director of Communications & Marketing, Nebraska Bankers Association, kara.heideman@nebankers.org, 402-474-1555
The Small Business Administration announced today banks with $1 billion or less in assets can beging processing First and Second Draw Paycheck Protection Program loan applications beginning Friday, Jan. 15. at 8:00 a.m. CST. All lenders can submit PPP applications on Tuesday, Jan. 19. Nebraska banks are ready to help ensure this critical program reaches businesses and organizations in need.
Nearly $285 billion is available to loan during this round. In addition to payroll costs, rent and utilities, the covered eligible expenses have been expanded to include operations expenditures, property damage costs, supplier costs and personal protection equipment expenditures. Eligibility has been extended to include 501(c)(6)s, housing cooperatives and other organizations.
Businesses who received a first draw PPP loan that have fewer than 300 employees may be eligible for a second PPP loan if they have experienced a revenue reduction of at least 25% from 2019 to 2020. New federal program guidance also provides new application and forgiveness requirements.
“During the first rounds of PPP loan applications, Nebraska small businesses and agricultural producers overwhelmingly looked to Nebraska banks to help them easily access PPP loans,” said NBA President and CEO Richard Baier. “Our member banks are again ready to back Nebraska’s small businesses and organizations as they navigate the ongoing pandemic.”
Over 44,000 PPP loans totaling over $3.4 billion were approved in Nebraska during the first rounds. More than 90% of those loans were under $150,000.
Media Contact:
Kara Heideman, Director of Communications & Marketing, Nebraska Bankers Association, kara.heideman@nebankers.org, 402-474-1555