| The Small Business Administration (SBA) and U.S. Department of the Treasury met earlier this week, with the Payback Protection Program (PPP) being one topic of discussion. It was decided that the PPP would be reopened, with $284 billion added to the program due to a COVID-19 relief bill President Trump signed back in December.
Starting Monday, January 11, community financial institutions had first draw at PPP loans, and second draw started on Wednesday, January 13. The program will be opened to those with $1 billion or less in assets who are eligible on Friday, January 15. On Tuesday, January 19, the program will be fully opened to all PPP lenders who are eligible.
The SBA has also released first draw and second draw application forms for PPP loans. For a second draw, a business will need to meet certain criteria: - Has receieved first draw PPP loan and intends to or has used it all for authorized use
- Has no more than 300 employees
- Can show a 25% or higher reduction in gross receipts between 2019 and 2020
Updates will be provided as they come. Click here to read the full article. |