PPP Loans Re-Open for Small Businesses
Jan. 14, 2021—The U.S. Small Business Administration (SBA) will re-open the Paycheck Protection Program (PPP) loan portal for First and Second Draw applications on Friday, Jan. 15 at 9 a.m. Eastern Standard Time, according to a press release.
It will only be available for PPP-eligible lenders with $1 billion or less in assets.
“A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continuing weathering this time of uncertainty,” SBA Administrator Jovita Carranza said in the press release.
First Draw PPP Loans are reserved for those who did not receive a PPP loan before August 8, 2020.
Second Draw PPP Loans are eligible for businesses with 300 employees or less that previously received a PPP loan and have used or will use the full amount they received for authorized use. They must also demonstrate a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020.
More information and resources regarding PPP loans can be found here.