Newsroom

March 22, 2021

SBA releases new PPP application forms

small businessFollowing the issuance of an interim final rule to incorporate changes made to the paycheck protection program (PPP) by the American Rescue Plan Act, the Small Business Administration (SBA) published new application forms for borrowers and lenders.

The IFR detailed changes to:

  • eligibility, size, affiliation waivers, and certifications requirements for various types of businesses and grants; and
  • forgiveness of first- and second-draw PPP loans related to payroll cost exclusions.

The SBA subsequently released revised application forms for:

NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. The association is currently monitoring Senate action on legislation to extend the program by two months.

Stay tuned to NAFCU Today for the latest on the program from the SBA, Congress, and other stakeholders. Access the association's PPP FAQs here.