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New elements were added and reviewed in the PPP timeline and important items firms should note were discussed, including:

• Dashboard updates – PPP Loan applications that can no longer be processed will be marked with a new status.
• Community Financial Institutions – Going forward, the program will only accept new applications from Community Financial Institutions (CFIs), who typically serve minority borrowers. SBA has set aside approximately $8 billion in funding for such lenders to make PPP loans.
• “More Information Needed” application status – PPP Loan applications that are in a More Information Needed status generally have one of three requirements outstanding that firms and their clients need to complete.
• Agent Fees – With the close of application submissions, reconciliation will proceed on the initial Agent Fee payments that are due to eligible firms.