On January 8th the U.S. Small Business Authority (SBA) along with the Treasury Department, announced that the Paycheck Protection Program would re-open the week of January 11th for new borrowers and opportunities for existing PPP borrowers. The SBA announced that it would take a number of steps to ensure increased access to the PPP for minority, underserved, veteran, and women-owned businesses.
This new round of funding initially authorized up to $284 billion toward job retention and certain other expenses through loan originations until, March 31, 2021, and allow certain existing PPP borrowers to apply for a “Second Draw” PPP loan, as well as providing PPP funding for new applicants who meet SBA and HSBC eligibility criteria. In March 2021, the program termination date was extended to May 31, 2021 for the submission of new loan applications, and, extended the SBA’s internal processing date for an additional 30 days.
HSBC is dedicated to supporting you at every step of the PPP program. We are accepting new PPP loan applications for our existing business customers who already process payroll through us until 5 P.M. ET May 24, 2021, subject to ongoing program funds availability. We are also working with our customers to adjust existing loan forgiveness applications. Finally, if you meet the government criteria and are interested in the second draw of PPP funding, you may be eligible through HSBC if your existing PPP loan is currently with us. We are accepting new ‘Second Draw’ PPP loan applications until 5 P.M. ET May 24, 2021, subject to ongoing program funds availability.
The new legislation and information from the SBA continues to evolve. Please review our PPP FAQs and continue to check back for updates. If you have questions about our PPP loan application or loan forgiveness process the links and FAQs on the next tab will be a helpful resource.
We appreciate your patience as we navigate this challenging time together.
In the first round of PPP we had: