To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
Our Main Street partners wanted to call out that community banks (see attachment for Community Development Financial Institution-certified banks, filtered for WA) will be able to offer PPP before other lending institutions. Hypothetically, this could be good news for your small businesses.
Please note we're not certain that “community financial institutions” (referenced in the new PPP information) is synonymous with CDFIs, but it’s a best guess. If the attached list doesn’t include a CDFI near you, you might want to call a local banker to confirm whether or not non-certified local banks are considered “community financial institutions” in terms of the PPP timeline.
