SBA Assistance Programs
Updated January 8, 2021
COVID-19 Relief and Paycheck Protection Program Resources
A highly anticipated COVID Relief Bill called The Consolidated Appropriations Act of 2021, passed both the House of Representatives and the Senate, and was signed by the President on December 27, 2020. On Wednesday, January 6, 2021 the Interim Final Rule (IFR) addressing the guidelines around another round of Paycheck Protection Program (PPP) funding was released for both new and existing applicants.
The U.S. Small Business Administration (SBA), together with the Treasury Department, announced that the PPP application will re-open the week of January 11 for new borrowers and certain existing PPP borrowers.
To promote access to capital, there will initially be staggered access to the application:
- Monday, January 11: Community financial institutions will be able to make “First Draw” PPP Loans.
- Wednesday, January 13: “Second Draw” PPP Loans will have access to the application.
The PPP will open to all participating lenders shortly thereafter.
This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan. SBA has issued the following Interim Final Rules related to the Paycheck Protection Program:
- Letter from the Administrator: SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (01/06/2021)
- Interim Final Rule: Paycheck Protection Program (PPP) as Amended by the Economic Aid Act (01/06/2021)
- Interim Final Rule: Paycheck Protection Program (PPP) Second Draw Loans (01/06/2021)
Your partners at HomeTrust are following this closely and will continue to provide updated information as it becomes available here on our website. Final updates from SBA are forthcoming and at this time HomeTrust Bank is not accepting unsolicited PPP Loan Applications at this time. Links below are un-affiliated PPP Lenders through whom an applicant may choose to apply. Please note:
- At this time, HomeTrust Bank is not accepting any applications for PPP Loans as the application and guidance has not been released from SBA.
- Businesses should not send any applications or requests to us at this time. Unsolicited applications cannot be accepted.
- HomeTrust is working to determine our capacity to effectively process PPP applications. To ensure that we are able to guide our customers to PPP loan access, we ask customers to apply through the institutions listed below. HomeTrust Bank is not affiliated with any of these organizations, but they will accept PPP applications from HomeTrust Bank customers through their automated site on a first-come, first-served basis.
Note: HomeTrust advises that you never provide your online banking credentials to anyone or company. You can receive a deposit for your PPP loan through an ACH deposit without providing your online banking credentials. If asked to provide your bank account credentials for a deposit, skip that option and choose the ACH deposit option.
Contact Kabbage via email at [email protected] or by calling 888.351.3143.