The Paycheck Protection Program will reopen the week of Jan. 11 for new borrowers and certain existing PPP borrowers, according to the U.S. Small Business Administration and the Treasury Department.
To promote access to capital, initially, only community financial institutions will be able to make first-draw PPP loans Monday and second-draw PPP loans Wednesday. The PPP will open to all participating lenders shortly thereafter.
Updated PPP guidance outlining program changes to enhance its effectiveness and accessibility was released Jan. 6, in accordance with the Economic Aid to Hard Hit Small Businesses, NonProfits, 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, and by allowing certain existing PPP borrowers to apply for a second-draw PPP loan.
For more information on SBA’s assistance to small businesses, visit sba.gov/ppp.