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 will authorize up to $284 billion toward job retention and certain other expenses through 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.
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. 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.
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:
Partnering Through COVID-19
Information and insights from HSBC US to help your business navigate the impact of novel coronavirus, with updates as the situation evolves.
100,000+
employees’ payroll supported by HSBC
$1.35bn
in loans approved
100%
of eligible applicants received PPP loans