Good news for small businesses who require the assistance of the Paycheck Protection Program due to the negative impact of COVID as well as loans available for employee retention. On Friday, January 8 the SBA announced the PPP program will re-open on Monday, January 11 for new borrowers and certain existing borrowers. Get more information about updated guidance to the program here, http://bit.ly/35sW9En.
“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 historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said Administrator Jovita Carranza. “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.”