Paycheck Protection Program
The SBA announced that, as of July 6, 2020, the Paycheck Protection Program (PPP) has resumed accepting applications. The announcement responds to S.4116, the Paycheck Protection Program Extension Act, which was signed into law on July 4, 2020, establishing August 8, 2020, as the new deadline to apply for a PPP loan. SBA reports $131 billion in PPP funding remains available.
Separately, the SBA and Treasury announced the release of loan-level data for all PPP loans. In contrast to their previously released statement on transparency, loan level data is provided for loans of less than $150,000 except for the borrowers’ business names and addresses.
- The most recent Paycheck Protection Program Report is available here.
Main Street Lending Program
The Federal Reserve Bank of Boston announced that, as of July 6, 2020, the Main Street Lending Program (MSLP) is fully operational; lenders registered to participate in the MSLP are encouraged to begin submitting qualifying loans for purchase.
The Boston Fed also announced its intention to publish a state-by-state listing of lenders accepting new business customers under the MSLP and electing to be listed. As required by the program, lenders will assess a borrower based on the borrower’s ability to meet the terms of the program as well as the lender’s own underwriting standards for financial condition and creditworthiness. Lenders’ loan approvals are contingent on these factors.
Additional information on the MSLP, including borrower and lender information, forms, agreements, and FAQs are available here.