PPP to open week of Jan. 11 through March 31

The U.S. Small Business Administration (SBA) and Treasury Department announced the Paycheck Protection Program (PPP) will re-open the week of Jan. 11 for new borrowers and certain existing PPP borrowers.

To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, Jan. 11, and Second Draw PPP Loans on Wednesday, Jan. 13.

The PPP will open to all participating lenders shortly thereafter.

Up to $284 billion is authorized to be used 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.

 

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