The USPTO has said it will start accepting PPP loans in January, following an initial phase of more than a decade of research.PPLoan, the USPPA, said on Wednesday that it had received applications from lenders to finance loans under the US Private Placement Loan Program.
“We have received applications for new borrowers under the Private Placements program, with more than $1.6 billion of new private loans outstanding,” PPLoan said in a statement.
“In the first quarter of 2019, the PPP program had more than 1.6 million borrowers who received new loans through private loans.
As a result, more than 60% of the PPL program’s outstanding loans are private.”
The first round of loans under PPL loan program is expected to start being made available to eligible borrowers in the first half of 2019,” PPP said.”PPL loan applications will start being accepted on January 1, 2019, which is approximately four months from now.”PPL’s loan application process is much more streamlined than the PPC loan program, in that it relies solely on the borrower’s credit history, rather than a previous PPC account.
PPL Loan said that the loan application would take only a few minutes, and would take between two and three weeks to complete.PPP also announced that it will be offering an initial payment of $5,000 on a $100,000 loan to borrowers who meet its eligibility criteria, which means it can help borrowers who are unable to repay their loans, and borrowers who have a history of default.