On January 14, the Small Business Administration announced that the Paycheck Protection Program (PPP) loan application portal will reopen to all lenders on January 19.

The portal opened to smaller, community-based lenders earlier this week for initial and second draw loans. On January 15, the portal opened to lenders with assets of less than $1 billion. All lenders will have access to the portal on January 19. 

Nonprofit organizations are eligible for initial and second draw PPP loans. For the second draw loans, borrowers can receive a loan of up to $2 million, or 2.5x their monthly payroll, whichever is less. Second draw loans are available to organizations who received an initial loan last year, has 300 employees or fewer, and can demonstrate a loss of gross receipts of at least 25%. Read more about this opportunity here