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Posted on: January 13, 2021

New Pay Check Protection Program Loans Now Available

SBA PPP Loan Update

On January 8, the U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that the federal government’s Paycheck Protection Program (PPP) has re-opened for new borrowers and certain existing PPP borrowers.

Eligible new barrowers can apply for a First Draw PPP Loan, while eligible barrowers who previously received a PPP loan can apply for a Second Draw PPP Loan. The application deadline for either loan is March 31, 2021.

The new PPP Loan funding totaling $284 billion is made possible by the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, which is included in the Consolidated Appropriations Act passed by Congress and signed by the president on December 27, 2020.

Key PPP Updates Include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations
  • The PPP provides greater flexibility for seasonal employees
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan

Resources

New Barrowers for First Draw PPP Loan Details

Existing Barrowers for Second Draw PPP Loan Details

Find a lender with the SBA’s Lender Match Tool

The following SBA partner organizations can advise and support you with your application:

A New America Women’s Business Center

Minority Business Development Agency

Silicon Valley Small Business Development Center

SCORE

Visit the Financial Assistance and Resources for Businesses web page for additional resources.

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