Paycheck Protection Program NOW Reopened
Today the US Small Business Administration, in consultation with the US Treasury Department, reopened the Paycheck Protection Program (PPP) portal for first and second draw applications. PPP-eligible lenders with $1b or less in assets can access the portal now, and the application will fully reopen to all lenders on Tuesday, January 19, 2021.
First draw PPP loans are available for borrowers who did not receive a PPP loan before August 8, 2020. Second draw PPP loans are available for eligible businesses who previously received a PPP loan. To be eligible for a second loan, businesses must:
- Have 300 employees or less
- Demonstrate at least a 24% reduction in gross receipts between comparable quarters in 2019 and 2020
- Use or have used the full amount only for authorized uses
Like the first iteration of the program, you should work with your lending institution (bank, credit union, etc.) to apply for a new PPP loan. Need help finding a lender? Use the SBA's Lender Match tool to find participating lenders.
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