The Small Business Administration (SBA) will begin accepting Paycheck Protection Program (PPP) First Draw applications on January 11, 2021, and PPP Second Draw applications on January 13, 2021. As a Minority Depository Institution, East West Bank is in the first group of banks that can accept applications.
Starting January 11, East West Bank will accept PPP First Draw loan applications. PPP First Draw applicants are those that did not receive a PPP loan prior to December 27, 2020. Starting January 13, we will provide applications to our PPP Second Draw recipients that have indicated an interest in the PPP Second Draw program. Applicants should only consider applying for a PPP Second Draw loan if they have already received a PPP loan prior to December 27, 2020, and have spent all of their PPP First Draw loan toward PPP-eligible expenses.
To provide greater access for smaller businesses, the qualifications for the SBA’s Second Draw PPP loans are more limited in nature than the First Draw. Please visit the SBA PPP site to learn more, or contact your East West Bank relationship manager or branch representative for details.
PPP funds are available on a first-come, first-served basis and will not be available once the amount allotted by law has been exhausted. If funds are still available, the last day to apply for a loan will be March 31, 2021.