Day: January 11, 2021

SBA, Treasury to Reopen PPP (2) Small Business Loan Program Tomorrow (1.11.2021)

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced Friday (January 10, 2021) that the Paycheck Protection Program (PPP-2) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. (The following information was prepared by the SBA.)

Guidelines from the SBA and Treasury Deartment

  • To promote access to capital, 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 PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 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.
  • “The 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.  “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners
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