SBA Reopens Paycheck Protection Program

The Small Business Administration, in consultation with the Treasury Department, will reopen the Paycheck Protection Program this week for new borrowers and certain existing PPP borrowers. To promote fair access to the $284 billion in funds, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The program will then open to all other participating lenders shortly after. This round will authorize loans through March 31, 2021.

In addition, updated PPP guidance outlining program changes made to enhance its effectiveness and accessibility, was released on January 6.

“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said SBA Administrator Jovita Carranza, in a statement. “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.”

“The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin, in a statement. “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19.  We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.” More information on gudiance and how to apply.

by: Perry Wings
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