PCIV Presents: Paycheck Protection Program (PPP) II [Event Recap]

The Small Business Administration (SBA), opened the Paycheck Protection Program (PPP) loan portal to all participating PPP lenders on Tuesday, January 19, 2021, to submit First and Second Draw loan applications.

On Wednesday, January 20th Ron Iorii, of Citizens Bank, hosted an intimate PPP information session for Pennovation Works members and PCI Ventures portfolio companies. Ron shared details about the second round of PPP loans, he explained how the second round differed from the first, talked through the next-steps, and answered some questions from participants.

Ron emphasized that if companies were looking to submit for the second PPP, to do so using the same bank that they worked with the first time around. He said banks will be able to prioritize those companies submitting again. Ron also pointed out that it is not necessary to have the first PPP loan forgiven before applying for a second loan.
Ron passed along specific tips pertaining to the Citizens Bank PPP loan portal and the full document on the Paycheck Protection Program Second Draw Loans from the Small Business Administration.

For those of you interested in learning more about the Paycheck Protection Program, we've rounded up a few helpful links and articles below: 

• First Draw Loans
• Second Draw Loans
• Technically Philly Article