The U.S. Small Business Administration, in consultation with the Treasury Department, announced Jan. 8 that the Paycheck Protection Program will re-open the week of Jan. 11 for new borrowers and certain existing PPP borrowers.
To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, Jan. 11, and Second Draw PPP Loans on Wednesday, Jan. 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining program changes to enhance its effectiveness and accessibility was released on Jan. 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.
