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 U.S. Small Business Administration, in consultation with the Treasury Department, announced on January 8, that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. Initially, the PPP loans will be made available to financial institutions that are smaller in asset size than Fox Communities Credit Union on Monday, January 11th with the Second Draw PPP Loans on Wednesday, January 13. The application process will be open to Fox and other participating lenders sometime after Wednesday, January 13th.
Please see this article for new information regarding PPP loan applications!